My question involves real estate located in the State of: CA
I hope this is the right forum to ask this question. I didn't know whether I should post this here or the "Estate Planning" sections. Any way.
Any attorney here familiar with the fine print of Prop 19 that was recently passed in CA?
The basics: This will impact property passed to heirs now if they don't reside in the property as a primary residence.
My father has a single-family rental in the bay area that's currently worth 916k according to Zillow.
The property is in a living revocable trust.
1. ) Will prop 19 still impact property held in a trust, after the February deadline ( when the law goes into effect)?
2.) If so, if he transfers the trust to his adult children before that February deadline, could we still use the property as a rental without having the tax reset to market levels?