BLOG, NEWS & EVENTS

Proposition 19 – 2021 Updates to California Property Tax and Parent-Child Exclusion

  • December 09, 2020
  • Blog
Potente, Business Lawyer and Company Formation

Starting February 16, 2021, the California property tax parent-child exclusion will become heavily restricted. Currently, parents may transfer their primary residence to a child without facing property tax reassessment and shelter up to $1,000,000 in appreciation of real property that is not a primary residence. Under Proposition 19, a child can only avoid a property tax reassessment if the child uses the transferred property as their primary residence. Additionally, under the new law, the parent-child exclusion is capped at $1,000,000 – meaning, even if a parent transfers property to their child and the child uses the property as their primary residence, any appreciation in excess of $1,000,000 will trigger a property reassessment for that excess value. To learn more about Proposition 19 and its effects on estate planning, click here to read an article about this new law by Shephard Mullin.

This post is for informational purposes only and does not constitute legal advice. Never rely solely on a blog post in evaluating your situation — always contact your attorney when your legal rights and obligations are on the line.

Potente, Business Lawyer and Company Formation
  • March 04, 2021
  • Blog

Proposed Legislation – California Leave

California employers should pay close attention to the 2021 legislative session. Amid the current pandemic, labor-related issues may soon look different.  Some of the new proposals, if signed into law, will affect paid sick leave, emergency childcare, expansion of the "family member" definition, and other important aspects of labor law....

Potente, Business Lawyer and Company Formation
  • January 14, 2021
  • Blog

The Trademark Modernization Act of 2020

The Trademark Modernization Act of 2020 became law on December 27, 2020. This new law ushered in uniform procedures in many facets of trademark litigation, but none more so than ex parte cancellation proceedings. In an effort to reduce bad faith filings and clutter, any petitioner may now file a...