All counties in California impose a documentary transfer tax of 55¢ per $500 of the fair market value of the transferred real property. The City of Los Angeles imposes an additional $4.50 per $1,000 of the fair market value of the transferred real property – ouch. The transfer tax exemptions usually relate to the fact …
Documentary Transfer Tax Exemptions and the ULA Mansion Tax Read More »
Proposition 13 In 1978 the citizens of the State of California voted in an initiative to limit property taxation which is now embodied in Article 13A of the California Constitution (“Prop 13”). After the law was passed the resulting litigation went all the way to the U.S. Supreme Court and the law …
Avoiding California Real Property Tax Reassessment Read More »
If you have children, own your own home or have assets worth more than $184,500, you need a living trust. If you do not have a living trust properly executed and funded as part of a basic estate plan, upon your death, your assets will go through the probate process in each state where those …
