Lawyer Stella
LawyerForum Replies Created
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You appropriately raised this very salient point regarding Proposition 19. Thus, requiring further clarification on this point:
Prospective measures: Proposition 19, enacted in California in 2020, has dire consequences when it comes to the inheritance of properties. The summary is as follows:
Primary Residence Inheritance:
- Children or grandchildren of a property owner can inherit the property without a higher property tax charge.
- This holds as long as the descendant occupies the property for one year.
- A formula of changed tax base, by $1,000,000, to last year’s tax base (upon which factors of inflation rate occur yearly).
- Children or grandchildren of an owner, not the head of the household or owner of the real estate.
- Reassessment will be made on the current market value upon passing the latter.
This is a very drastic property tax change, especially for families that have owned such properties for a long period of time.
Potential Consequences:
- Inherited properties may have to be liquidated.
- This is even when members of those families cannot deal with high property taxes.
- In particular, the poor and middle-income groups that come to inherit such properties where the property’s market value appreciates by a very large amount.
Limited Exceptions: There is some protection for family active agriculture as a property, though this protection has limitations.
State Revenue Impact: This change is anticipated to generate more revenue for the state from the property tax. Which pro-points will serve the schools and local services?
Contrast with Previous Law:
- Before the inception of Prop 19, there was a law that did not allow a change of tax base for inherited properties.
- It gave leeway to properties with a certain valuation.
- The restriction on investing within California considerably constrains California property tax law and property inheritance practice.
- This is expected to eliminate tax avoidance techniques that some people have exploited.
- But nonetheless, it has the effect of breaking the chain of family land ownership.
- This is especially true in zones with cerebrospinal-jumped values due to inflation and a constrained boundary.
For a family intending to make an estate plan, this battle brings new complications and routes to avoid the overheads of inheriting and keeping properties.
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WOW!!!! Never heard of the EPM DPA Program.
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Proposition 19, voted in by Californians this year, offers some homeowners a lot of property tax relief. Prop 19 benefit those over 55 years old, severely disabled or victims of wildfires or natural disasters. Here’s how Proposition 19 works and who is eligible for its benefits:
What does Proposition 19 do?
It allows homeowners who qualify to take the taxable value of their current primary residence with them when they buy a replacement home anywhere in California, regardless of the new Home’s market value. This can result in substantial property tax savings.
Main benefits of Proposition 19
Property tax savings
Transfer taxable value: It lets homeowners who qualify transfer (or carry) over the assessed value (taxable value) of their existing Home into a new one. This helps to keep property taxes low even if they buy a more expensive replacement house.
Location flexibility: The property tax break is not limited to homes within the same county or certain counties but applies to any home statewide, so people can move anywhere in California without giving up their old, lower property tax base.
Move-up or downsize: People can buy replacement homes that are more expensive or cheaper than their original houses. An upward adjustment would be made to the original assessed value. This is if they purchased a costlier residence. At the same time, there would be no downward revision if they acquired a less valuable one. Still, all rights reserved shall revert entirely upon such later event that may cause said reversionary interest to vest again according to hereof binding parties hereto under specific performance obligations imposed. This holds unless otherwise provided hereinbefore mentioned above beyond limits set forth elsewhere. Also, except where prohibited by statute apart from those cases expressly permitted thereby relating directly there concerning it notwithstanding anything contained hereinabove mentioned before. Now, against each other, related hereat affecting thereof could give rise. Therefore, between them so far, only such words shall have effect whether arising during performance thereof prior reference being made to it after its commencement.
Increased transfers
Three times: Previously, only one transfer of taxable value was allowed in a lifetime. But now homeowners over 55 years old or those with severe disabilities (as certified by a medical professional) can do it up to three times.
Who is eligible for Proposition 19?
Age or disability:
- Fifty-five years old or older.
- Or severely disabled (as certified by a medical professional).
- Or the victim of wildfire/natural disaster (under specified conditions).
Primary Residence requirement:
Both the original and new properties must be the owner’s primary residence. The replacement property must be purchased or built within two years of selling the previous one.
Equal or Greater Value:
- The original assessed value will not change if the new Home is worth equal to or less than the previous one.
- However, if it exceeds this amount, then there shall be added amount which included herein by reference shall have effect as part of this agreement always provided.
- Otherwise, those mentioned above are in addition to that.
- Always provided where prohibited by law save otherwise expressly provided hereinbefore referred to beyond limits set forth elsewhere.
- Except where prohibited by statute apart from those cases expressly permitted.
- Thereby relating directly there concerning it notwithstanding anything contained hereinabove mentioned before.
- Now, against each other, there is a related hereat affecting thereof, which could give rise previously between them.
- So far, only such words shall have effect whether arising during performance thereof before reference being made to it after its commencement.
Timeframe For Sale And Purchase:
Replacement property must be purchased before or within two years following the sale of your current primary residence.
Example: Prop 19 Tax Savings
Original Home: $200,000 assessed value (and corresponding property taxes).
New Home: $600,000 fair market value.
Transfer process:
The new house is taxed at an amount equivalent to its worth in relation to the old house’s assessment for tax purposes. This means that if a house costs $200k more than another, then that’s how much higher it’ll be priced.
If the latest address isn’t calculated using full market rates while assessing it but based on lower estimates, which would be levied on these taxes, knowing they are likely lower while assessing current homes.
Proposition 19 allows eligible California homeowners to transfer their current tax base anywhere in the state when buying a replacement property. This can result in significant taxpayer savings, especially when moving to more expensive areas. Older adults, people with disabilities, and those affected by wildfires or other natural disasters who want or need a different home will find this measure particularly beneficial.
Knowing these rules could impact your decision to buy a new California house and still manage property taxes
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I know you’re mad at Discover Credit Card Services right now. This sounds stressful and wrong. Here are the things that I think are most important and what you could do next:
Key points:
- They didn’t take out the minimum payment like they were supposed to but instead took out the full balance.
- After taking out too much money, they gave it back but then still needed to take out something.
- Even though you fixed their mistake as soon as possible.
- They told credit bureaus that you were 30 days late.
- So far, no one in customer service (including a supervisor named Eve in NJ) has helped fix any of this.
Possible next steps:
- Document everything.
- Write down all dates, times, and names of people spoken to at Discover (including supervisors).
- Gather all statements and communications that might be relevant.
Formal written complaint: Send detailed complaints (with supporting docs) to Discover’s headquarters via certified mail.
Regulatory complaints: File complaints with your state’s CFPB, FTC, and AG. Sometimes, these agencies can help resolve issues when direct communication doesn’t work.
Credit bureau disputes: File formal disputes with Equifax, Experian & TransUnion. Provide all supporting docs.
Consider legal advice: Talk to a consumer protection lawyer. You may not be aware of certain options.
Public awareness: Posting reviews about this bad experience can warn others about what happened. Try to stick with just the facts so it doesn’t become libelous.
Executive escalation: Try contacting someone higher up than customer service. Executive offices or the CEO’s office could help better.
Social media: Sometimes, companies respond faster if issues are raised on platforms like Twitter or Facebook, where others can see them. As frustrating as it is for me just typing this all out (and I’m sure even more so for you living through it). Try not to lose your cool when dealing with anyone throughout this process. It’s not fair that you must put in the effort. But being level-headed and sticking strictly to the facts gives you the best chance at a good outcome.
It’s also a good reminder for me (and anyone else reading this) to stay on top of my financial accounts and credit reports. You never know when something like this might happen, so it’s important to check statements often and address errors immediately.
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I’m sorry to hear about your experience with Discover Credit Card Services. It’s frustrating when mistakes like this negatively impact your credit. Since Discover has not been responsive to your requests, filing a formal complaint with the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) may be your best next steps. These agencies can investigate the matter and possibly resolve the issue. Additionally, you may want to consider disputing the late payment directly with the credit bureaus using any documentation you have.
If you need assistance with the complaint process or further guidance, feel free to ask.
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Florida has always been a popular destination for people looking to retire or move somewhere new. Still, this situation has changed over the past few years. Below is an overview of what’s happening now:
It’s still number one:
- Florida is still the most desired state for retirees and relocators.
- The Sunshine State boasts such attractions as warm weather year-round, no state income tax, and affordable living in some parts.
Different types of people moving here:
- Even though it remains popular among older adults looking to retire, Florida is increasingly becoming home to young professionals and families.
- Thanks to remote work, more individuals across all age groups can now consider Florida as a potential place of residence.
Competition from other states:
- Arizona, Texas, and the Carolinas have emerged as major contenders against Florida in attracting retirees and relocators.
- These states also offer good weather throughout the year and sometimes do not levy state income taxes.
Issues facing those who want to move here:
- Many cities within the Sunshine State have witnessed increased housing prices, making it unaffordable for some people.
- Climate change, including rising sea levels and frequent hurricanes, has worried potential movers about these things happening there.
- Traffic jams due to overcrowding worsen daily, especially during peak periods when everyone wants their share!
Evolving retirement patterns:
- Many seniors are deciding to start new careers or work part-time, thus affecting where they choose to live out their golden years.
- Some retirees prefer being “snowbirds,” which means spending winter months up north and then coming down south during other seasons before going back again!
COVID-19 impact:
- People faced with strict lockdowns started migrating towards Florida because they believed there was less risk over there.
- However, this exposed certain weaknesses within public health systems in various regions.
Different areas for different people:
- Different parts of Florida tend to attract different types of residents.
- For example, Miami is known for its youthful energy and international flavor, while more traditional retirement communities are elsewhere.
- Florida is still the most popular state among retirees and relocators.
- But it’s not the only one.
- People now have to consider things like the cost of living and quality healthcare systems available, among others, before deciding whether or not they should move there.
- Consider the risk posed by climate change and lifestyle preferences.
Please let us know if you would like more information about any specific aspect of relocation trends or living in Florida.
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Florida has long been a popular choice for retirees because of its warm climate, favorable tax environment, and many retirement communities. However, while Florida is still the preferred place to live for many retirees, there has been a shift in where people want to retire in America.
Latest Trends:
Continued Popularity in Florida:
Climate and Lifestyle: Retirees are still drawn to Florida’s mild winters, sunny beaches, and outdoor activities. There are active senior living communities all around the state, along with healthcare facilities for older adults that provide wellness services at home or on campus.
Tax Benefits: Retirees flock to Florida because they do not have to pay state income taxes here. No state income taxes mean more money in your pocket during retirement years! There’s no estate tax either. So beneficiaries won’t face additional costs when legally inheriting assets from someone who died while living here.
Cultural and Social Opportunities: Those looking for a richer cultural experience or social life beyond their community walls. The Sunshine State offers everything from professional sports teams playing year-round to world-class museums like The Ringling Museum Complex. The Museum Complex offers 21 galleries with works by O’Keeffe and Warhol and theater performances. Including Broadway shows staged at venues such as Tampa Bay Performing Arts Center, located in downtown Sarasota just minutes away across Sarasota Bay!
Other Places That Are Becoming Popular:
Emerging States: Arizona is one of several states gaining popularity as an alternative retirement destination outside traditional favorites like Florida. Besides its obvious appeal (warm weather), it boasts stunning natural beauty ranging from saguaro cacti dotting deserts in Phoenix Valley to Sedona’s red rock canyons and Flagstaff’s pine-forested mountain. Not forgetting Grand Canyon National Park nearby! It, too, has no estate or inheritance taxes plus low-income tax rates, among many other benefits offered there, making this state attractive financially.
Changing Preferences Among Retirees:
Other Affordable Locations: Due to increased living costs in certain parts of Florida. Partly due to its popularity driving up real estate prices. Some retirees are now seeking places to get more bang for their buck, and in other words, they are looking for states with lower costs of living.
Proximity to Family: There is a growing trend among retirees who want to be closer geographically to loved ones. This means the states besides Florida are being considered when choosing where to retire based largely on personal relationships rather than any other factor(s) alone. The importance placed on having strong familial ties nearby while aging (and vice versa) has greatly influenced where people ultimately relocate during retirement.
Healthcare Access: Although Florida offers excellent healthcare services throughout most areas across state lines, there may be times when one needs access that is not offered locally or regionally within FL. Some states have reputations for offering world-class medical facilities and easy accessibility to specialized care like cancer treatment centers. Some older adults might also consider before making such decisions too fast.
In Conclusion:
Florida remains one of the top choices for many Americans wishing or planning toward their golden years. However, as the trends above show us otherwise, it should be no surprise that competition among states that provide similar advantages will continue to increase until something new arises. Additionally, various factors influencing people’s minds about climate change, affordability, etcetera affect where individuals choose to live out retirement days.
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I can’t give a definite answer based on the limited information given to me since the outcome depends on several factors. However, I could provide you with some possible scenarios:
If the house is owned as Joint Tenancy with the Right of Survivorship:
In this situation, your ex-wife will most likely get your brother’s share automatically, regardless of any will or other intentions.
If the house is owned as Tenants in Common:
Your brother’s share might go to his three children. Depends on whether he has a will that says so. State laws if he dies without a will (intestate). Any agreements made during the divorce.
Divorce agreement:
The divorce terms may say what happens to the home when someone dies, which can override other arrangements.
Mortgage and deed:
Having both names on these documents means nothing if there isn’t joint tenancy or another form of sharing ownership equally.
State laws:
- These are different everywhere and can change who gets what in an inheritance.
- Especially if no will was made.
Given this complex and important situation, I would advise your brother to do the following things:
- He should talk to an estate planning lawyer who knows about such matters so they can tell him exactly how things stand for him.
- If he doesn’t already have one, make a will that clearly states everything he wants to be done with his assets after death.
- This includes sharing them among his kids equally or giving full ownership rights over each child.
- Consider setting up trusts for each child that ensure they receive their fair portion once certain criteria are met, such as attaining a certain age bracket or level of education.
- Review and update the ownership structure of the house.
- Should it be held under a joint tenancy agreement between siblings only or shared among all four parties?
Without having more details about the specific legalities involved here or seeing relevant paperwork like a divorce decree. I can’t say what exactly would happen. A qualified estate planning lawyer would be able to give you the most appropriate advice in light of all the facts presented about your brother’s situation.
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