Our loans provide trusts and estates with the cash needed to allow each beneficiary to receive an equal portion of the assets. This allows one or more beneficiaries to retain real estate while others receive cash or cash and other assets.
Often times it is our clients objective to retain a parents low California Proposition 13 Protected Property Tax Base on an inherited home. Our loan provides the funds necessary to accomplish this. By doing so, we save our clients on average over $6,000 a year in property taxes.
We are a direct lender and can close loans in as little as 7 days. Fore more information on our trust and estate loan programs or to determine how much you might be able to save in property taxes, please call us at 877-464-1066 or complete this quick information request form:No Fields Found.
Additional Information On Trust Loans and Estate Loans
Proposition 58, effective November 6, 1986, is a constitutional amendment approved by the voters of California which excludes from reassessment transfers of real property between parents and children. Proposition 58 is codified by section 63.1 of the Revenue and Taxation Code.
On November 3, 2020, California Proposition 19 also known as the Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. was approved by California voters. California Proposition 19 takes effect on February 16, 2021. Proposition 19 modified California Proposition 58 by requiring that the child or children use the residence as their principal residence in order to avoid property tax reassessment. Additionally Prop 19 put a cap of $1,000,000 on the amount of property value that can be excluded from reassessment.
If you are the trustee of a trust that is looking for a 3rd party loan to help facilitate the non pro rata distribution of that trust, you were probably referred to us by your estate planning / probate attorney. If that is not the case and you are looking for a good attorney referral, please call us. We can help you find an attorney in your area. We believe that you should be working with an attorney if you are trying to take advantage of Proposition 58 and are in a situation where a 3rd party loan is required for the non pro rata distribution of the trust.