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In California, when siblings jointly inherit a property, they are presented with multiple alternatives to allocate the asset among themselves. One such method is for one sibling to acquire the other siblings’ stakes in the property. However, if done incorrectly, this approach may trigger a property tax reassessment, leading to a substantial increase in property

Many Californians were taken aback when they learned the truth about Proposition 19.

Proposition 19 created serious hardships for many California residents who had hoped to leave an inheritance for their children and grandchildren.

In fact, the Repeal the Death Tax Act goes one step further, by increasing the taxable value exemption to $2.4 million. That figure will be automatically adjusted in the future to account for inflation.

The concept behind a trust is fairly straightforward. It’s a legal arrangement in which one party, known as the ...