2022 USC Gould Trust & Estate Conference

Join Commercial Loan Corporation at the USC Gould Trust and Estate Conference

Join Commercial Loan Corporation and have your Proposition 19 Trust Loan questions answered at the USC Gould Trust and Estate Conference on 11/9/2022.

Come and meet Tanis Alonso-Kluever and Thaddeus Farrell at the USC Gould Trust and Estate Conference on November 9th, 2022. This years trust & estate conference will be held at the Westin Bonaventure Hotel. Commercial Loan Corporation is sponsoring the event and will be on hand to answer all of your questions on California Proposition 19 Parent to Child Transfers and our specialized Trust Loans to assist clients in qualifying for a full exclusion from property tax reassessment.

This years special keynote speakers include Dr. Bonnie Olsen and retired Judge Paul Suzuki. The speakers will discuss the development of the Judicial Guardianship Evaluation Worksheet, a tool for probate judges to evaluate relevant factors in assessing the propriety and scope of conservatorships for older adults. They will complete the 45-minute presentation discussing how the Worksheet may impact consideration of evidence in probate matters. Here are some details about the upcoming USC Gould Trust & Estate Conference:

When?

The 48th Annual Trust and Estate Conference will take place on Wednesday, November 9, 2022, at the Westin Bonaventure Hotel and Suites in downtown Los Angeles.

Why attend?

For 48 years, USC Gould’s Trust and Estate Conference has been delivering practical and real-life solutions from speakers with a proven track record of addressing unexpected problems in estate planning, probate, and trust administration. The Conference typically attracts over 500 of your peers for unrivaled networking and learning opportunities from both the speakers and your professional colleagues.

Who should attend?

The Conference is specially tailored for trust, estate planning, probate and elder law professionals including attorneys, paralegals, trust officers, accountants, financial institution executives, private professional fiduciaries, wealth management professionals, fiduciary officers, underwriters and insurance advisors.

What’s included?

Registration includes all sessions, continental breakfast, networking breaks, luncheon presentation, continuing education credit, and print and downloadable copies of the practical Conference Syllabus, including the popular Resource Guide, a Trust and estate Professional Directory covering Los Angeles, Orange and San Diego counties.
Free WiFi will also be available for attendees at the Conference!

If you have questions on California Proposition 19 prior to the conference or are currently in need of a trust loan, please call us at (877) 464-1066 so that we may assist you. If you would like to signup for or find additional information on the 2022 USC Gould Trust and Estate Conference, please visit here. Or view the PDF version of the brochure here: USC Gould Trust & Estate Brochure

Parent to Child Property Tax Transfer

Parent to Child Property Tax Transfers in California

Parent to Child Property Tax Transfers in California

Proposition 19 Parent to Child Transfer

Using our specialized Trust Loans, we help clients take advantage of the California Proposition 19 Parent to Child Property Tax Transfer. The Prop 19 Parent to Child Property Tax Transfer allows a child to transfer a parents low property tax base on an inherited home. On average, doing so saves our clients over $6,500 a year in property taxes.

Trust Loans in California

Normally when a person inherits a home, the County will reassess the property taxes on that home. Thanks to California Proposition 19, a child can avoid property tax reassessment if done correctly and the required documents are filed with the County quickly enough. The majority of our clients receive an inherited home from a trust, but we also help clients who are inheriting a home from probate estates. When multiple child beneficiaries are involved and there are insufficient cash assets to make an equal distribution in the trust or estate, a trust loan is usually required. We specialize in trust loans and provide the funds needed to meet the Prop 19 and California Board of Equalization equal distribution via a third party loan requirements.

Loans to Trusts

We have helped hundreds of clients avoid property tax reassessment with our loans to trust and estates. If you or your client has questions on a trust loan, we provide a free consultation that will answer all of your questions on the trust loan process. We also provide free California Board approved Continuing Legal Education to Attorneys on California Proposition 19 Parent to Child Transfers. Please call us today at 877-464-1066 for a free consultation or to sign up for our Continuing Legal Education course. If you would like to receive additional information on a trust loan, please complete our online Trust Loan form located here.

What is California Proposition 19?

What is California Proposition 19?

Information of California Proposition 19 and Property Tax Transfers.

California Proposition 19

So what is California Proposition 19? Proposition 19 also known as the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act, or Prop 19 for short is an amendment to the California Constitution that impacts state property tax laws and regulations. On November 3, 2020, California voters approved Proposition 19. In simplified terms Prop 19 is a Constitutional Amendment that imposes new limits on property tax benefits for inherited family property. Under Proposition 19, a child or children may keep the lower property tax base of the parent(s) but only if the property is the principal residence of the parent(s) and the child or children make it their principal residence within one year of receiving ownership. Additionally, Prop 19 allows homeowners who are over 55 years of age, disabled, or victims of a wildfire or natural disaster, to transfer their lower assessed property value of their primary home to a newly purchased or newly constructed replacement principal residence up to three times, or once per disaster. Proposition allows the property tax base may be transferred to a property located anywhere in the state of California.

California Proposition 19 Effective Dates

Information on Proposition 19 obtained at the California BOE Website:

Section 10 of article II of the California Constitution provides that a measure approved by a majority of votes cast takes effect on the fifth day after the Secretary of State files the Statement of the Vote for the election at which the measure is voted on, but the measure may provide that it becomes operative after its effective date.1 The language of Proposition 19 for both the base year value transfer provisions and the parent-child and grandparent-grandchild exclusion provisions have specified operatives dates, as follows:
• The base year value transfer provisions become operative on April 1, 2021.
• The parent-child and grandparent-grandchild exclusion provisions become operative on February 16, 2021.
Base Year Value Transfer
Beginning on and after April 1, 2021, section 2.1(b) of article XIII A of the California
Constitution provides that an owner of a primary residence who is over 55 years of age, severely disabled,2 or a victim of a wildfire or natural disaster may transfer the base year value of their primary residence to a replacement primary residence located anywhere in California that is
1 On June 5, 2018, the voters of California approved Proposition 71, which changed the effective date of ballot measures from the day after the election to five days after the California Secretary of State certifies the results of the election. See LTA No. 2018/068. 2 Revenue and Taxation Code (RTC) section 74.3(b) defines a “severely and permanently disabled person” as “any person who has a physical disability or impairment, whether from birth or by reason of accident or disease, that results in a functional limitation as to employment or substantially limits one or more major life activities of that person, and that has been diagnosed as permanently affecting the person’s ability to function, including, but not limited to, any disability or impairment that affects sight, speech, hearing, or the use of any limbs.”

California Proposition 19 Parent to Child Exclusion Chart.

California Proposition 19 Charts to help you better understand how the proposition may impact you can be found here. The following Prop 19 chart illustrates how the proposition differs from the previous Prop 58 and Prop 193 California legislation.

The California Proposition 19 Parent to Child Exclusion Chart

The California Proposition 19 Parent to Child Exclusion Chart

 

The Proposition 19 Base Year Value Transfer Chart

The Proposition 19 Base Year Value Transfer Chart

 

Assistance with the California Proposition 19 Parent to Child Transfer

Commercial Loan Corporation works with clients, Estate Attorneys and California Property Tax Consultants to help you qualify for a California Proposition 19 Parent to Child Transfer. We provide loans to Irrevocable Trusts and Probate that do not have sufficient cash assets. Our trust loan or probate loan allows for an equalized distribution to be made to all involved child beneficiaries without having a personal guarantee from the acquiring beneficiary.

If you require additional information on California Proposition 19 or if you are curious if you are eligible for the California Proposition 19 Parent to Child Transfer Benefit, we can assist you. We have helped hundreds of clients receive their benefit and save them over $6,500 per year in property taxes on average. Call us at 877-464-1066 and we will answer all of your questions. We can also provide you with a free benefit analysis and let you know how much you may be able to save in property taxes on an inherited home.

Additional California Proposition 19 Resources:

The full legislative information on California Proposition 19 – ACA-11 can be found here.
The California Proposition 19 Parent to Child Transfer Benefit Calculator

What is California Proposition 19? – PDF Download

Orange County Bar – Proposition 19 Trust Loan Presentation

Trust and Estate - Proposition 19 Loans to Irrevocable Trusts

Trust and Estate – Proposition 19 Loans to Irrevocable Trusts

On March 7th, 2022, Tanis Alonso-Kluever will be providing a Continuing Legal Education presentation for the Orange County Bar Elder Law & Special Needs Section. Tanis is a Senior Account Executive at Commercial Loan Corporation and specializes in lending to Irrevocable Trusts and Estate so that her clients can qualify for California Proposition 19’s and Proposition 58’s parent to child transfer and avoid property tax reassessment. This presentation is approved by the California Bar for 1.0 MCLE credit.

In the presentation, Tanis will cover understanding the differences in law as they pertain to Parent to Child Transfers under Proposition 19, 58 and 193. Using proper calculations when equalizing distributions and use of Proposition 19’s “transfer of tax base” provision. We welcome any members of the Orange County Bar Association to sign up. Attached is the signup PDF.

Orange County Bar Association – Proposition 19 Loans to Irrevocable Trusts for Proposition 19

If you have questions on California Proposition 58 or Proposition 19, please call us at 877-464-1066.