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08/27/2020

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Geoffrey Sadler

I'd like to focus on real property inheritances for a moment, if you don't mind... A home from our parents let's say -- and to tell you the truth, every single state in America should have property tax breaks that make real sense, like they have in California, with Proposition 13, the ability for beneficiaries that are inheriting residential or commercial property from parents to avoid property tax reassessment for the rest of their life if they hold on to that property -- and even a secondary property as well. Proposition 13 has saved California taxpayers over $500 billion – saving the average middle class family over $60,000 to-date… Plus they have Proposition 58, which every state should have also -- allowing you to save on the transfer of property from sibling to sibling, buying out a sibling's share of inherited property for example... when getting a loan to an irrevocable trust -- a trust loan from a trust lender. Trust lenders loan you $400K, $500K, $700K, whatever you need to buyout co-beneficiaries property shares, while at the same time you get to retain a low property tax base guaranteed by good old Proposition 13. Every state needs this! Especially now with this terrible virus destroying our job based economy. Every state needs CA Proposition 13 transfer of property benefits and discounts, if you will... to transfer parents property taxes to ourselves as inheritors so we too can enjoy a low tax base when inheriting property taxes. All states in the US should be able to keep parents property taxes during property tax transfer, with parent to child transfer, or as attorneys call it, "parent to child exclusion" (from present day tax evaluation). It makes sense, doesn't it? Why should California be the only state in the union that enjoys genuine property tax relief? Just check out sites or blogs that get into this, to learn up on these inheritance property tax breaks, so you can tell your do-nothing Congressmen or Senators to get on this -- like https://www.wealthmanagement.com/estate-planning/building-bond-trust or go take a look at sites like https://cloanc.com/category/prop-58 or a resource blog that covers Prop 13 and Prop 58, like https://propertytaxtransfertrusts.com and get a little education on what real tax relief looks like!

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