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Wednesday, March 30, 2016

Property Tax More Important Than Estate Tax For Most Of Us

 

    Today the threshold for advanced Estate Planning is really $12-15 million.  For most people the most important tax consideration is being able to transfer property and keep our beneficial Prop. 13 values.  Many of the oversold and unnecessary strategies such as the use of LLC's and Irrevocable Trusts for "Asset Protection" will put your Prop. 13 Tax Basis at risk.  The County Assessor is ready to pounce on any questionable transfer and the need for tax revenue to support our local governments and soaring pension obligations will only increase. 

    The bottom line is this In today's environment - NEVER RECORD A DEED WITHOUT BEING ABSOLUTELY SURE OF THE PROPERTY TAX IMPLICATIONS.




The Tonkovich Law Firm assists clients with Estate Planning, Wills, Trusts, Durable Powers of Attorney, Conservatorship and Contested Probate Procedures and Business and Real Estate Litigation in Irvine, CA as well as El Toro, Aliso Viejo, Lake Forest, Laguna Hills, Tustin, Newport Beach, Santa Ana, Newport Coast, Ladera Ranch, Foothill Ranch, Mission Viejo, Laguna Woods, Corona Del Mar, Silverado, Orange, Laguna Beach, Rancho Santa Margarita amd Fountain Valley in Orange County.



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