[quote]I try not to get upset about Prop 13. In 10 years, I think, I will be lauding it. My parents own a few homes in SD County, including La Jolla, and when they die we will inherit their property tax status, though only on their main residence…which is, unfortunately, not one of the LJ homes. It’s kind of become a joke among us sibs…”Dad, please move into one of the La Jolla rentals!”[/quote]
That’s terrible. At least you’re not telling him to rent from you and threaten to evict him if he doesn’t pay 🙂
Actually, your parents are going to be busy sheltering all those homes from uncle sam, because if they’re not careful, you (and your siblings) are going to have a very hefty inheritance tax to pay…Property tax will be the last thing they/you need to worry about….
But considering your parents has already amassed a fortune in RE, I’m sure they are already taking proactive steps. As an informed kid of you’re parents, I’d advise getting familiar with tax situations early rather than later, even if you’re not a CPA or financial type, because making a mistake after your parents pass away will be costly. And it doesn’t hurt to have a lawyer that specializes in estate laws for your own edification. I’ve seen lots of kids completely clueless about inheritance, and suddenly when their parents passed away, lawyers, taxes, and poor knowledge pretty much cleaned them out.
Unfortunately the proposals to remove or severely limit inheritance taxes was shot down early, after it had a very good chance of passing, so there is going to be limits as to what can be passed on without taxes,etc.
For practical purposes I refer to “kid”, but I acknowledge obviously you’re an adult and frankly you might be my age or older.
