Gifts of Real Property
As a general rule, under Proposition 13 California real property is not reassessed on an annual basis but only upon a "change of ownership". Property transferred to a spouse or to a trust for a spouse is exempt from Proposition 13 reassessment. Property transferred from a parent to children normally is subject to reassessment unless it comes under one of two broad exemptions (which generally includes step-children and in-laws) under Proposition 58 (an amendment to Prop. 13):
(1) Parent’s principal residence;
(2) Other California real property, but limited to a lifetime aggregate assessed value of $1,000,000.
|
| Areas of Practice: |
Bankruptcy
Business Organizations
Business Torts
Commercial Law & Contracts
Debtor/Creditor
Intellectual Property
Mergers & Acquisitions
Science, Computers, & Tech
Wills & Trusts
Estate Planning In San Jose |
| About Us: |
We take pride in providing personalized legal services for your individual or business needs. Our practice includes: business start up and funding, business buying and selling, business succession planning, business reorganization, estate planning, power of attorney, end of life decisions, lawsuit protection and debt settlement or consolidation. We are also intellectual property attorneys with experience in electrical, software, mechanical and biotech technologies.
 |
|
