Trust Loans

A version of this article was first published by Jon Coupal on the Apartment Owners Association of California Inc’s blog.

When a loved one passes away and leaves money or assets to others, a process must occur for those items to officially transfer ownership. Unfortunately, trust obligations and personal needs do not wait.

Proposition 19 (also known as ACA 11), which will go to a vote on November 3, calls for the repeal of Prop. 58 and Prop. 193, leading ..

In 1986, California voters approved a constitutional amendment under Proposition 58, allowing the exclusion of property tax reassessments when parents transfer property to their children.

The general concept of a trust is relatively simple – a formal arrangement where a party (trustor) assigns control of their property or assets to a second-party (trustee) on behalf of a third-party (beneficiary).

Trustees, executors, private fiduciaries, and estate and trust attorneys routinely encounter common problems when administering cash-poor trusts or probate estates after someone passes away.

If you are in need of a private loan, it’s helpful to understand the process to put your mind at ease. It’s not as scary or as involved as people may assume.

Clients planning their estates often want to keep matters as simple and straightforward as possible—both for themselves and for their heirs after they pass away.

In its simplest form, parent to child (and grandparent to grandchild) transfers are excluded from reassessment, but sibling to sibling transfers are subject to reassessment when it comes to property taxes.

You may have heard a lot about Prop 58 recently and are wondering what it means.