California Residential Property Tax Consultant

California Residential Property Tax Consultant

California Residential Property Tax Consultant

At Commercial Loan Corporation we specialize in assisting clients with the financing they need to keep a parents low property tax rate on an inherited property. Transferring a Parents of Grandparents property tax rate can be a extremely beneficial; in fact, on average we save our clients over $6,000 per year in property taxes. Taking advantage of the California Proposition 58 property tax benefits can be very complicated and we always advice that you use the services of a qualified Attorney or Resident Property Tax Specialist. With so much potential property tax savings on the line, you want to make sure that all of the rules are followed and that all of the documents are processed correctly. Failing to do so may disqualify you from an Exclusion From Property Tax Reassessment.

Michael Wyatt is a residential property tax specialist and specializes in helping clients preserve a parents low Proposition 13 protected property tax rate when a home is transferred or inherited. Often times he works with clients where the inherited real estate is contained in a trust or is part of an estate. It can be a very complex matter. If the property is not transferred appropriately or the financing is not done in accordance with California law, you may become ineligible to retain a parents property tax base rate and the home may be reassessed at current market value. We have worked with Michael Wyatt’s Property Tax Consulting Firm on several occasions and highly recommend him.

Michael Wyatt Property Tax Consulting works with the clients of attorneys, CPAs, financial planners, and real estate professionals to minimize real property tax assessments before or after transactions involving the transfer or purchase of real estate. One of the reasons why Michael Wyatt’s services are so valuable when it comes to keeping a parents low property tax rate is that he formerly worked for the Orange County Tax Assessor’s Office for almost 25 years. So he has the first hand experience to make sure you obtain the tax savings that you deserve. Prior to becoming a California Residential Property Tax Consultant, Michael worked as a Legal Analyst at the County Tax Assessors Office. During that time, Michael observed many real estate transactions that had undesired results due to property owners either never consulting with counsel, or advisers were not familiar with property tax law and its consequences. Michael Wyatt became a Property Tax Consultant in order to help advisers and their clients avoid those unintended results, and plan and structure their real property transactions to achieve their goals.

 If you are in need of Trust or Estate financing or are interested in preserving a parents low property taxes on an inherited home, please call us at 877-464-1066 so that we may assist you. We can help you put together a plan of action and review your potential property tax savings with you.

Residential Property Tax Specialists

California Residential Property Tax Specialist, Proposition 13 and Proposition 58

California Residential Property Tax Specialists

The Importance Of Working With A Residential Property Tax Specialist

Working with the right business professionals can make all the difference. When it comes time to secure a Proposition 58 Exclusion From Property Tax Reassessment, through Prop 58, that could not be more true. The process of obtaining your exclusion from property tax reassessment can be littered with pitfalls. Even just one small mistake can be the difference between obtaining an exclusion or not. Retaining a Parent’s or Grandparent’s low Proposition 13 property tax rate can save you potentially thousands of dollars each year. That is why it is important to have a good Private Money Lender, Attorney and or California Property Tax Specialist on your side to help guide you.

When providing clients with a third party loan to a trust, we always recommend that they work with either a Trust & Estate Attorney, Qualified Trust Administrator and or a Property Tax Specialist. Attorneys and Residential Property Tax Specialists provide different services. Some California Residential Property Tax Consultants specialize in assisting clients in obtaining a Proposition 58 exclusion from property tax reassessment. Their expertise in these matters can be invaluable. The best of them even have experience working for the County as a Property Tax Assessor. This gives them a great deal of insight into what the assessors office will need in order to grant your exclusion. It can be especially helpful in complex situations where time is of the essence. In California, you only have three years to file for the exclusion from property tax reassessment. A long process can also delay the distribution of a trust in some cases.

The complexities of obtaining an exclusion from property tax reassessment should not be understated. Unless you deal with California’s Proposition 58 Exclusions From Property Tax Reassessments on a regular basis, it can be difficult to avoid mishaps.  Here are just a few examples of issues that a qualified California Property Tax Consultant can assist you with.

Common Proposition 58 Exclusion From Property Tax Reassessment Mistakes:

Not conducting the 3rd party financing properly and causing a property tax reassessment to occur.

Not keeping track of each eligible transferor’s $1 million limit; thereby exceeding the $1 million limit and triggering a reassessment for the overage.

Avoiding situations where an acquiring beneficiary lends money to the trust when funds are needed to make an even distribution. The California Board of Equalization views this as a child buying out another child as opposed to a parent to child transfer. The exclusion for reassessment requires a transfer from parent to child.

These are just a few examples of circumstances where a California Property Tax Specialist can assist you. If you are in need of a third party loan for a trust, a qualified Trust & Estate Attorney or a Property Tax Consultant referral, please call us at 877-464-1066 so that we may assist you.

If you are a California Trust & Estate Attorney, Probate Attorney, Fiduciary, Estate Planner, CPA, Wealth Manager or Property Tax Specialist and would like to be added to our list of Trust & Estate Professionals, please use the following link to apply to become a Commercial Loan Corporation recommend Trust & Estate Professional. Credentials will be reviewed and verified.

Trust & Estate Professionals Link

 

Trust & Estate Professionals

 

Property Tax Issues In Trust And Estate Distributions

Commercial Loan Corporation & Michael Wyatt Present Property Tax Issues In Trust And Estate Distributions For The Long Beach Association Probate, Trust and Estate Planning Section

Commercial Loan Corporation & Michael Wyatt Present Property Tax Issues In Trust And Estate Distributions – Call 877-464-1066 for additional information.

California Property Tax Issues Relating To Trusts & Estates

On Wednesday, April 18, 2018 at 12:00 PM, Commercial Loan Corporation & Property Tax Specialist Michael Wyatt will be presenting Property Tax Issues In Trust And Estate Distributions For The Long Beach Bar Association, Probate Trust and Estate Planning Section. Along with Michael Wyatt, Kerry Smith the President of Commercial Loan Corporation will be discussing common issues to consider when dealing with property taxes, California Proposition 13 and California Proposition 58. The cost to attend is $10 of Long Beach Bar Association members and we encourage you to RSVP as soon as possible as seating is limited for this event.

If you have questions regarding a 3rd Party Loan to a Trust or Estate, please call Commercial Loan Corporation at 877-464-1066. Commercial Loan Corporation is a Professional Private Money Lender. We can assist you in making sure that you or your clients Trust or Estate loan transaction is a successful one. We specialize in providing mortgages to trust and estates so that an even distribution can be made and a beneficiary or heir can take advantage of California Proposition 58 and receive an exclusion for property tax reassessment. Doing so allows a child to retain a parents low Proposition 13 tax rate on a transferred property.

To RSVP for this event, please call 562-988-6444 or visit The Long Beach Bar Association website at www.longbeachbar.org

The Property Tax Issues In Trust and Estate Distributions seminar fulfills 1 Hour of MCLE credit.