Proposition 19: What You Need to Know, The Good, The Bad, The Ugly

Income Tax

Proposition 19 passed with a very narrow margin in California and is bringing major changes to property tax assessment rules.  There are some good things about the changes for a select group of people. However, there are major changes to parent-to-child or grandparent-to-grandchild transfers that used to be exempt from property tax reassessment. I’ll cover the good news first, then the bad news, and then what can be done now before Prop 19 goes into effect.   The Good  Starting April 1, 2021, homeowners over age 55, victims of wildfires or…

Why You Need an Estate Plan

Amazingly, six in 10 United States adults do not have a will or living trust, and almost half of boomers (age 53-71) haven’t put their estate planning documents in place yet. In my experience, most people fail to set up an estate plan because they simply don’t know they need one. Estate planning isn’t just for the wealthy; every adult needs some level of estate planning, regardless of their age or how many assets they have. In fact, if you don’t create your own estate plan, then you are automatically…