The President of Commercial Loan Corporation, Mr. Kerry Smith was recently published in the Orange County Register regarding California Proposition 19 and the impact made on California residents. In the article, Mr. Smith compares the new Prop 19 property tax transfer benefits to the previous benefits granted to Californian’s by California Prop 58.
Mr. Smith states “It is important to understand how Proposition 58 helps the average Californian. The majority of transfers from parent to child happen after both parents have passed. The date of passing of the last (surviving) parent will be used as the date of transfer to the beneficiaries (children). Our average client takes 17 months to settle the estate after the death of the surviving parent. During this time, the children are responsible for continuing to pay the property taxes on their parent’s home and any other property. Under Proposition 58, passed overwhelmingly by voters in 1986, a home and up to $1 million of assessed value of other property are excluded from reassessment when transferred between parents and children. This keeps the property tax bill the same.”
You may view the entire article on the Orange County Register website located here. If you or a family member are interested in transferring a parents low property tax base on an inherited home and have questions or require a loan to a trust to equalize a trust distribution, please call us at 877-464-1066.
Finding financing for Probate Estates and Irrevocable Trusts in California can be complicated. Most lenders are unwilling to lend on a property until the estate has been settled. The same problems exist for real estate held in an Irrevocable trust; conventional lenders will require the home be removed from the trust in order to provide financing and doing so is likely to jeopardize your ability to take advantage of the Proposition 19 parent to child transfer exclusion. Our private money loans help solve these complex issues. We lend to probate estates and directly to irrevocable trusts, providing the cash needed for trust administrators and beneficiaries to keep a family home and transfer a parents low property tax base.
We are California’s top Trust & Estate lender and have saved Californian’s over $7,800,000 in property taxes by avoiding property reassessment. We specialize in providing clients with the financing needed to qualify for California Proposition 19’s parent to child property tax transfer. Our average client saves over $6,800 each year in property taxes and if you are inheriting a home from a parent, we may be able to assist you as well. We offer competitive rates, have no personal guarantee requirements, offer affordable interest only payments with absolutely no no prepay penalties or minimum interest requirements. We are here to help!
Call us at (877) 464-1066 and we can assist you or your client with a loan to a probate estate or irrevocable trust. We will help you determine your property tax savings, provide you with a free cost benefit analysis and answer any questions you may have on the process.