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Inheriting from a loved one can be a bittersweet experience. While you’re likely filled with gratitude for the inheritance, navigating the legal and tax aspects can be confusing. If you’re dealing with an inheritance in California, you might come across Form IT-22, the Inheritance Tax Affidavit. But fear not! This blog post will break down the key information about Form IT-22 and when it might be relevant to you. Important Note: California Does Not Have an Inheritance Tax! That’s right, you read that correctly. Unlike many other states, California does not impose an inheritance tax on beneficiaries. So, you generally won’t need to file Form IT-22 unless a specific situation applies. So, When Does Form IT-22 Come In? Form IT-22 comes into play when the deceased (the person who passed away) owned property in California but wasn’t a resident of the state at the time of death. In such cases, the State Controller’s Office needs to determine if any inheritance tax applies on the California-based property. Who Should File Form IT-22? The responsibility of filing Form IT-22 typically falls on the executor or administrator of the estate. An executor/administrator is the person appointed by the court to handle the deceased’s …

California Proposition 19, the Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act, is a constitutional amendment that was approved by voters in the general election on November 3, 2020, with just over 51% of the vote. The amendment makes changes to property tax benefits for families, seniors, severely disabled persons, and victims of natural disaster in California. Some of the key provisions of Proposition 19 include: If you have inherited property and plan to live in it, be sure to file a homeowners exemption with the County Assessors office! If you are an Administrator, Executor, Trustee or Beneficiary and have questions please reach out to us direct! Proposition 19 is a complex amendment with a number of implications for homeowners, taxpayers, and local governments. It is important to consult with a tax advisor to understand how Proposition 19 may affect you.

I get this question all the time and here is my simplified explination: Limited authority in a probate case means that the personal representative is only allowed to perform certain tasks, such as selling real estate or collecting debts. The court will supervise these tasks more closely than if the personal representative had full authority.The personal representative’s limited authority is granted by the court in the probate order. The probate order also sets out the specific tasks that the personal representative is allowed to perform.The personal representative must file a report with the court each month accounting for all of the estate’s assets and liabilities. The report must also include a list of all of the tasks that the personal representative has completed during the month.The court can revoke the personal representative’s limited authority at any time if the personal representative is not acting in the best interests of the estate. If the Estate is Selling Real Property it may be subject to court approval and an overbid process. “Subject to overbid” means that the sale of a property is not final until the court has confirmed the sale. At the confirmation hearing, other bidders can come forward and offer …

A trust is a three-party financial arrangement where one party (the trustor) gives a second party (the trustee) the ability to hold assets or property for a third party (the beneficiary). The Business Dictionary defines a trust as a “legal entity created by a party (the trustor) through which a second party (the trustee) holds the right to manage the trustor’s assets or property for the benefit of a third party (the beneficiary).” Basically, a trust is a financial arrangement between three parties that hold assets for a beneficiary. There are many different kinds of trust, but the general idea is a three-party ownership system wherein one party gives another party the rights to hold property or assets for yet another party (who benefits from the arrangement). Parties in a Trust As part of its definition, a trust is a composed of three parties – the trustor, the trustee and the beneficiary. But what are these three parts and how do they operate? They are as follows: Trustor: The trustor is the person who grants the trustee control over their assets, estate, or property, and who creates the agreement. Trustee: The trustee is responsible for managing the trust that the …

Choose the Right Agent The key to a successful sale is to list your property with an agent who understand both the complexities of fiduciary sales and the needs and challenges that may arise from your unique probate, estate, trust or conservatorship situation. When interviewing agents be sure to ask: How many probate, estate and trust properties have they sold in the last year? How much of their business is focused on probate sales? What are the specific services that they provide that will meet the needs of your unique situation? What sets them apart from others and what are their references? Be sure to list your property with a seasoned agent with in-depth knowledge of the fiduciary sales process, the real estate market, and one who offers you a full range of services. This will ensure your property is sold at its highest value while saving time and money. 2. Set Clear Objectives for the Sale: Whether selling a small condo in Mission Valley, a mid-century home in Clairemont or a luxury home in La Jolla, Brian’s objectives are always the same: To get as many qualified buyers as possible into your property until it is sold. Effectively communicate …

Honoring the legacy of the prior owner with an off-market sale to investors, learn about how this trust sale went in Pacific Beach.

Probate sales offer several advantages such as an “As Is” sale and no requirement for disclosures. Learn the five main advantages of selling probate real estate.