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Real Estate Series — So You Missed Prop 19, What Now?
Did you miss your chance to take advantage of Prop 19? Sensiba San Filippo is joined by experts from Chicago Deferred Exchange and McKenna Brink Signorotti law firm for a morning discussion on what to do next if you missed the Prop 19 boat.
Starting on February 16, 2021, if parents transfer ownership of their principal residence to a child, that child or children are required to use that residence as their own principal residence, or the taxes will be reassessed. In addition, transfers of real property, other than a principal residence, will no longer receive property tax relief. This change to the parent-child exclusion may also affect many common estate planning trusts established several years (or even decades) ago.
What You’ll Learn:
- Learn how recent Prop 19 changes will impact your estate planning
- Planning strategies for the new Prop 19 era
- IRC Section 1031 Tax-Deferred Exchange Updates
