Proposition 19 has fundamentally changed how inherited property is taxed in California, leading to unexpected financial challenges for many families. Explore the ongoing impact on estate planning and the three statewide petitions currently seeking to reform property tax assessments and initiative processes.
What Happens with Capital Gains Tax When You Inherit a Home in California? An example involving a daughter navigating her mother’s trust illustrates how the step-up in basis works. When Samantha’s mother, Mary Lou, passed away earlier this year, Samantha found herself navigating the responsibilities of trust administration for the first time. Mary Lou had…
