California Tax Boon Granted By Voters Sees Rush Of Pre-Deadline InterestNovember 23, 2020 – Media Mention
Greenberg Glusker Private Client Services Partner, Marc M. Stern, discusses one of the effects of the passing of Prop. 19 in the article, "California Tax Boon Granted By Voters Sees Rush Of Pre-Deadline Interest," published by Bisnow on November 23, 2020.
It also ends a tax break that allows children who inherited homes to also gain the property taxes their parents paid, even if the house is not used as their primary residence. If there was a worry that the changes the proposition would bring are slowing down transactions as people wait for them to go into effect, Greenberg Glusker's Marc M. Stern said so far, that hasn't been the case.
"If anything, because of the deadline, people are accelerating transactions to get them done before then," said Stern, a partner in Greenberg Glusker’s estate planning department.
Stern said people are cognizant of the fact that they used to be able to transfer their property to their kids without a reassessment of that property's tax, and that's going to go away in mid-February.