Is there a Prop 19 Loophole? 2023 Tips

Is your trust a ticking time bomb? This video unravels the complexities of property taxes, particularly in relation to Prop 19 in California. Learn about the potential tax implications of property ownership and inheritance, and how you can plan effectively to mitigate these.
This video is presented for educational purposes only. It is not meant to provide legal advice. For us to provide you with legal advice, we need to meet with you to understand your specific issues.
To make an appointment, call us at 650-493-8070 or visit our website: www.gilfix.com
Timecodes:
0:00 - Introduction to property taxes and Prop 19
0:36 - The impact of Prop 19 on property inheritance
1:20 - The potential increase in property taxes
2:00 - The importance of planning ahead
2:45 - The potential tax implications of not planning
3:30 - The solution to mitigate property tax increases
4:15 - The benefits of the Gilfix & La Poll Dynasty LLC process
5:00 - The potential risks of not using the right process
5:45 - Conclusion and contact information

[@chrislastnam6822]

Every day I see people signing petitions . I point out that they didn't even read them and they all raise taxes and they answer that it doesn't matter since it just puts something on the ballot. They dont know that the measure only needs a 50% vote because it doesn't originate in the legislature . If something originates in the legislature it needs a 2/3 majority.

[@user-os4br4ux5j]

Thank you for this informative video. Hope Prop 19 gets “fixed” - sign The Petition , get it on the ballot in 2024. Prop 19 was confusing to voters, that’s not right.

[@gilfixlaw]

We will see what happens. While there was a lot of confusion around Prop 19 when it originally went up for a vote, many political forces are aligning both against and for keeping it in place. We will keep a close eye on this. If Prop 19 may impact you or your family, there are tools to protect your property from massive tax increases. We can help! Thanks for watching.

[@user-os4br4ux5j]

Prop 19 needs to be FIXED. Simple - sign the petition asap, let’s get this in the ballot in November.

[@chrislastnam6822]

The barrage of TV ads didn't mention the huge tax hikes.The ads just said it allowed people whose house burned down to move and keep their former property taxes.

[@user-os4br4ux5j]

Agree - deceptive and sneaky tactics…. Sadly this stuff happens and may be happening here on this site. I wish this guy would promote FIXING Prop 19 but would rather promote his services. If everyone signed the petition to get this in the ballot in November it would be a non issue. Reinstate 58. It was the law.

[@chrislastnam6822]

@@gilfixlaw It should have failed since it got only 50% instead of the requisite 65%. The courts broke the law . Also people could vote with no ID . IF You voted in person your electronic signature was illegible. Isn't impact a noun?

[@chrislastnam6822]

Prop 19 was passed fraudulently so it should be invalid. 99% of the funding came from real estate agents. The ads only talked about Prop 19 allowing people who lost houses in wildfires to buy another house and keep the original house's property taxes. The ads didn't mention the tax consequences for people who inherit houses. Under California law, any proposition that increases taxes must be passed by 2/3 of voters. Some judge decided that it could pass with just 50% because it was initiated by citizens not government but there's no language allowing that conclusion in California law. Prop 19 replaced prop Prop 58 which passed by about 75% and allowed people to inherit houses and keep the same property taxes even if you rent the house out. The overwhelming voter support for 58 shows prop 19 is against the voters' will.

[@gilfixlaw]

We understand the frustration, but don't hold your breath for Prop 19 to be invalidated in courts. We don't think this is likely. It can likely only be overturned by voter initiative. Regardless, don't rely on voters to bail you out if you face issues from Prop 19. We are certainly monitoring this, but we have developed solutions for families, regardless of whether Prop 19 is ever repealed. It is certainly a massive issue. Thanks for watching!

[@user-os4br4ux5j]

Seems like you don’t want it to get fixed because you are making money off people saying you can help. There is NO real solution that works. Best solution is to get it on the ballot in November. Sign the petition everyone. Shame on you for “trying to help” when really you should be promoting fixing it, and restoring Prop 58 for the hood of all Californians - which is to sign the circulating petition by Feb 5th 2024.

[@chrischoir3594]

Proposition 19 = Liberalism in action

[@johnsung5090]

Just a money and land grab

[@jannarkiewicz633]

Remember the Republicans removed the property tax deduction that made Prop 19 hurt even more.

[@chrislastnam6822]

Prop 19 was passed because of a judge that violated the statute that said that you need a 2/3 majority to pass a tax increase with the excuse that the citizens not the legislators ( actually just evil real estate agents) proposed it.

[@user-os4br4ux5j]

Yup - biggest tax hike Ca has ever seen - sign the petition to get this fixed!

[@jannarkiewicz633]

Thanks for the help is 2004. BTW I was cracking up at your example b/c my house is the exact numbers

[@gilfixlaw]

Glad it was on point for you! It is a massive issue. We can help to prevent increases - if we plan ahead! Thanks for watching.

[@user-os4br4ux5j]

“ 4:19 steps to plan?” Nope. The only way is to FIX Prop 19 is to get it on the ballot - seems like this guy wants to make money by putting property in LLC that’s thousands $$$ and may not even protect you! The only way is to get this FIXED now. Sign the petition. Let’s get this in the ballot for CA voters to vote on.

[@chrislastnam6822]

Is there any remedy for people who inherited a house recently from a parent where the trust was irrevocable after one parent died and one parent did die several years ago?

[@gilfixlaw]

Hi Chris - we would have to learn more about your specific situation to provide any guidance. If planning wasn't focused on Prop 19, it is unlikely that the trusts would prevent a reassessment, but again, we'd have to learn more. Contact us if you'd like to set a meeting. Thanks for watching!

[@user-rk5hn4zw6p]

Thanks for your information. I have a question witch is a challenge for you. If I paid 200K for a house., then I builded another house. Now the home doesn't cost., now this one sort 700,77. But I'm paying mora than 100% of property tax. If I sale the house for 250000. The property will be calculated based to the new price or by the county Value?

[@gilfixlaw]

Hi - we aren't sure of your question - are you referring to new property tax rates after building a new house? Or after purchasing or selling a new house? Thanks for watching!

[@sjcali]

I’ve inherited a property from my uncle through a living trust after his passing back in 2020. I’m now been hit by a property tax hike that’s more than double of what he was paying before. The house is my primary residence. Is there a loophole or is it too late?

[@gilfixlaw]

Hi and thanks for watching! We'd need more information and a meeting to give precise guidance, but if it was your uncle, there may not be many good options. Prop 19 only affected parent-child transfers in California. These types of transfers were previously largely protected from massive property tax increases. Prop 19 gutted protections for parent-child property transfers (as we review in the video above). Transfers from uncles/aunts to nieces/nephews have never been protected from property tax reassessments in California, so they were unaffected by this new law. That being said, our firm has developed solutions to prevent reassessments even for non parent-child transfers. Unfortunately, these solutions must be put into place while the original owner is still living. We hope this is helpful, even if we can't offer good news :( If you'd like to explore in more detail, you can reach out to set a planning meeting with one of our attorneys. Thanks again for watching!

[@sjcali]

I really appreciate your reply. Thank you for your professionalism

[@jannarkiewicz633]

@@sjcali I used Gilfix in 2004 for an issue. They are solid.

[@janettevalenzuela9686]

What Is the fee for The Dynasty LLC?

[@gilfixlaw]

Hi Janette - each situation is unique and our work to help families to preserve low property taxes also must address estate and capital gains tax issues. Thus, we need to explore each situation specifically to understand the issues, goals, and steps needed. Once we know a full situation, we always provide a flat fee quote for our work, so our clients know exactly what the cost will be before authorizing work. The "return on investment" for Prop 19 planning is typically extraordinary and the work is a "no brainer" for families who wish to hold properties for multiple generations. Contact us directly if you'd like to explore this in more detail! Thanks for watching :)

[@shanechostetler9997]

Prop 13 should have never included second homes or rentals in the first place. That just benefited the wealthy.

[@gilfixlaw]

We certainly see this point of view. There have been attempts to limit the application of Prop 13 in the past. Some argue that Prop 13 is "rent control" for property owners. Would you be in favor of eliminating rent control for tenants, along with eliminating Prop 13? (We don't have a strong point of view around this, but it is a complex issue!)

[@golfinguru11]

@@gilfixlawif it’s a tenant’s second or third home, sure. Your example as stated is incongruous.

[@carolerichard5250]

Don’t appreciate your scare tactics to draw business for yourself.

[@gilfixlaw]

We're sorry if you see this as "scare tactics", but we are simply offering real information about real changes in California law. Prop 19 is, quite literally, a very scary reality for many families, and very few Californians understand this law. We also offer solutions to help families to preserve their homes for multiple generations. What do you consider to be a "scare tactic" here? Honest question! We only offer facts, even if they are scary. Either way, thank you for watching, and for the feedback!