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Home / Archives for Taxes / Property Tax

Proposition 19: The California Property Tax Law That Changed Everything

Property Tax, Real Property, Prop 19, Real Property Videos

California’s Proposition 19 changed the way families think about inherited property, property tax reassessment, and long-term estate planning. For decades, many California parents could pass real estate to their children while preserving a low property tax basis under Proposition 13. That changed significantly when Proposition 19 took effect. This California property tax law now places strict limits on when children can keep a parent’s lower assessed value after inheriting property. The rules … [Read more...] about Proposition 19: The California Property Tax Law That Changed Everything

Proposition 19 and Repeal the Death Tax Act (VIDEO)

Taxes, Property Tax, Real Property, California Proposition 19, Prop 19

In this vlog, Litherland, Kennedy & Associates Attorney Maggie LaBranch-Gonzales discusses the Repeal the Death Tax Act, a project of the Howard Jarvis Taxpayers Association to repeal the negative effects of Proposition 19. Please note that the direct link to the petition is: https://reinstate58.hjta.org/wp-content/uploads/2023/10/Official-Repeal-the-Death-Tax-Petition-plus-Instructions-and-Top-Funders-Sheet-October2023.pdf. YOU MUST PRINT AND SIGN THE PETITION WITH PAPER AND INK AND MAIL … [Read more...] about Proposition 19 and Repeal the Death Tax Act (VIDEO)

Repeal the Death Tax Act Initiative (VIDEO)

Real Property Videos, Property Tax, Real Property, California Proposition 19

In this Vlog, Attorney Justin M. Kennedy discusses the Repeal the Death Tax Act Initiative. This video was published on 4/12/22. Please note that this initiative did not receive enough signatures to make the November 2022 ballot  You can view the fact sheet on the Repeal the Death Act Initiative here. … [Read more...] about Repeal the Death Tax Act Initiative (VIDEO)

California’s Proposition 19 Ballot Initiative (VIDEO)

General, Taxes, Property Tax, Real Property

In this Vlog, Attorney Justin M. Kennedy discusses Proposition 19 which is on the November 3, 2020 ballot. Please note that our office is non-political and we will not express an opinion as to whether you should vote for or against the proposition. This vlog is to provide information about Proposition 19 and how if it is approved by the California voters, it would impact our clients and their estate plans. Proposition 19 is the Property Tax Transfers, Exemptions, and Revenue for Wildfire … [Read more...] about California’s Proposition 19 Ballot Initiative (VIDEO)

California’s Proposition 13 (VIDEO)

General, Estate Planning, Taxes, Property Tax, Estate Planning

In this vlog, Attorney Justin M. Kennedy discusses California's Proposition 13. Litherland, Kennedy & Associates, APC, Attorneys at Law are members of the American Academy of Estate Planning Attorneys.  If you would like to learn more about the importance of estate planning, we invite you to attend one of our free estate planning webinars. … [Read more...] about California’s Proposition 13 (VIDEO)

Am I going to owe taxes if I inherit property?

Estate Tax, Capital Gains, Property Tax, Taxes

By:  Matthew M. Shafae, Attorney Litherland Law Firm Am I going to owe taxes if I inherit property? We get this question all the time. And we don’t blame you. It can get confusing. So, let’s see if we can clear up this issue. Let’s segregate the different taxes that might be owed, and then we can see if anything will be owed. Estate Tax The estate tax—or death tax, as it’s sometimes called—is a transfer tax on assets transferred from someone who died to someone who is living. The tax … [Read more...] about Am I going to owe taxes if I inherit property?