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Prop 19, Biden and Me Webinars - Shared screen with speaker view
Lorraine Telles
38:05
What if it's in a Living Trust?
Michael Morris
38:33
We plan to post this information on our website
Michael Morris
39:38
If the property is in your Living Trust, you are the owner, not your kids
Michael Morris
40:00
It does not belong to your kids until you pass away
Michael Morris
40:52
So the Change in Ownership happens AFTER you pass and AFTER the law changes on February 16, 2021
Fisher Leong
41:29
Will we get a copy of the powerpoint? Cannot write notes fast enough.
Michael Morris
41:49
We will post the information soon and provide you a link
Michael Morris
46:03
We will cover those questions
sam wong
56:49
If parent-child transfer the primary residence just before Feb 16 and file with the county recorded just before the deadline but the county recorder's office is backlog and does not record the transfer (deed) until after Feb 16, 2021. Does it now fall under Prop 19 if child does not live in the parent's house?
Linda Carmona
01:00:29
doesn't matter how long it takes recorder to "put deed in their system". It's the signing/notarization date that the transfer is based on.
Linda Carmona
01:10:18
does that method, Irrevocable Trust, preserve step-up for new beneficiaries?
Tony Hoffmann
01:15:08
How can the child take ownership, get the step up and property tax base, claim it as their primary residence and sell it (at age 55 or over) and transfer this tax base to their new primary residence
Linda Carmona
01:26:02
your kids get the stepped up basis when they inherit (not you)
Tony Hoffmann
01:29:40
Does that LLC advice apply to a primary residence purchase?
Kelsey Browne
01:31:55
If the child plans to use the residence as their primary residence after the parent dies, does that preserve prop 13?
Daniel Corber
01:33:11
is the 3.5 million per child or total?
Victor Honda
01:37:10
why is the deadline 12-31
Kimberly Keller
01:39:09
Thank you!
Lorraine Telles
01:40:21
I definitely need to meet with you, or to have a zoom call.
Linda Carmona
01:40:25
thank you!
Lorraine Telles
01:40:36
thank you all.
Jennifer Parker
01:40:51
Thank you
Michael Morris
01:42:52
email contact@hmmlegal.com
Michael Morris
01:47:25
We will send an email to all of the attendees of the webinar.