[Coronita]

Thanks for the info Surveyor. From my experience last year, I can confirm that living trusts don't trigger reassessments.

But to my understanding, Living Trusts are more for the benefit of avoiding inheritance taxes (or removing amounts off of what can be taxed). Living Trusts don't offer that much asset protection, which is also what I'm looking for. Unfortunately, living in CA, it's to my understanding that your primary home is not immune to being taken if you get sued, etc. Short of having good insurance, I was just curious if there was a way to avoid reassessment by passing on property to the next generation, escaping some of the inheritance taxes, AND also have some level of asset protection (hence putting things in a corp). I'll talk to a lawyer and an cpa and share what i find out.

 

I also talked to my parents about things. I believe also, that if you move between certain counties and have to sell your home in one and buy another one in the other, that in some cases you can avoid reassessment too. For example, if my parents were to sell their home in L.A. and move down to S.D., my parents were saying there were some rules that would allow them to preserve the same tax assessment basis they had in L.A. since 1980. I think it's only permitted for senior cits. I'm not sure what the details are, but one thing is that when you buy the new property, it has to be near equal in value or less to what you just sold, and there is a time window. I haven't read the details myself, since it doesn't apply to me. Something like Proposition 90 :

http://www.diablovalley.net/senior-living.html

[Coronita]

Thanks for the info Surveyor. From my experience last year, I can confirm that living trusts don't trigger reassessments.

But to my understanding, Living Trusts are more for the benefit of avoiding inheritance taxes (or removing amounts off of what can be taxed). Living Trusts don't offer that much asset protection, which is also what I'm looking for. Unfortunately, living in CA, it's to my understanding that your primary home is not immune to being taken if you get sued, etc. Short of having good insurance, I was just curious if there was a way to avoid reassessment by passing on property to the next generation, escaping some of the inheritance taxes, AND also have some level of asset protection (hence putting things in a corp). I'll talk to a lawyer and an cpa and share what i find out.

 

I also talked to my parents about things. I believe also, that if you move between certain counties and have to sell your home in one and buy another one in the other, that in some cases you can avoid reassessment too. For example, if my parents were to sell their home in L.A. and move down to S.D., my parents were saying there were some rules that would allow them to preserve the same tax assessment basis they had in L.A. since 1980. I think it's only permitted for senior cits. I'm not sure what the details are, but one thing is that when you buy the new property, it has to be near equal in value or less to what you just sold, and there is a time window. I haven't read the details myself, since it doesn't apply to me. Something like Proposition 90 :

http://www.diablovalley.net/senior-living.html

[Coronita]

Thanks for the info Surveyor. From my experience last year, I can confirm that living trusts don't trigger reassessments.

But to my understanding, Living Trusts are more for the benefit of avoiding inheritance taxes (or removing amounts off of what can be taxed). Living Trusts don't offer that much asset protection, which is also what I'm looking for. Unfortunately, living in CA, it's to my understanding that your primary home is not immune to being taken if you get sued, etc. Short of having good insurance, I was just curious if there was a way to avoid reassessment by passing on property to the next generation, escaping some of the inheritance taxes, AND also have some level of asset protection (hence putting things in a corp). I'll talk to a lawyer and an cpa and share what i find out.

 

I also talked to my parents about things. I believe also, that if you move between certain counties and have to sell your home in one and buy another one in the other, that in some cases you can avoid reassessment too. For example, if my parents were to sell their home in L.A. and move down to S.D., my parents were saying there were some rules that would allow them to preserve the same tax assessment basis they had in L.A. since 1980. I think it's only permitted for senior cits. I'm not sure what the details are, but one thing is that when you buy the new property, it has to be near equal in value or less to what you just sold, and there is a time window. I haven't read the details myself, since it doesn't apply to me. Something like Proposition 90 :

http://www.diablovalley.net/senior-living.html

[Coronita]

Thanks for the info Surveyor. From my experience last year, I can confirm that living trusts don't trigger reassessments.

But to my understanding, Living Trusts are more for the benefit of avoiding inheritance taxes (or removing amounts off of what can be taxed). Living Trusts don't offer that much asset protection, which is also what I'm looking for. Unfortunately, living in CA, it's to my understanding that your primary home is not immune to being taken if you get sued, etc. Short of having good insurance, I was just curious if there was a way to avoid reassessment by passing on property to the next generation, escaping some of the inheritance taxes, AND also have some level of asset protection (hence putting things in a corp). I'll talk to a lawyer and an cpa and share what i find out.

 

I also talked to my parents about things. I believe also, that if you move between certain counties and have to sell your home in one and buy another one in the other, that in some cases you can avoid reassessment too. For example, if my parents were to sell their home in L.A. and move down to S.D., my parents were saying there were some rules that would allow them to preserve the same tax assessment basis they had in L.A. since 1980. I think it's only permitted for senior cits. I'm not sure what the details are, but one thing is that when you buy the new property, it has to be near equal in value or less to what you just sold, and there is a time window. I haven't read the details myself, since it doesn't apply to me. Something like Proposition 90 :

http://www.diablovalley.net/senior-living.html

[Coronita]

Thanks for the info Surveyor. From my experience last year, I can confirm that living trusts don't trigger reassessments.

But to my understanding, Living Trusts are more for the benefit of avoiding inheritance taxes (or removing amounts off of what can be taxed). Living Trusts don't offer that much asset protection, which is also what I'm looking for. Unfortunately, living in CA, it's to my understanding that your primary home is not immune to being taken if you get sued, etc. Short of having good insurance, I was just curious if there was a way to avoid reassessment by passing on property to the next generation, escaping some of the inheritance taxes, AND also have some level of asset protection (hence putting things in a corp). I'll talk to a lawyer and an cpa and share what i find out.

 

I also talked to my parents about things. I believe also, that if you move between certain counties and have to sell your home in one and buy another one in the other, that in some cases you can avoid reassessment too. For example, if my parents were to sell their home in L.A. and move down to S.D., my parents were saying there were some rules that would allow them to preserve the same tax assessment basis they had in L.A. since 1980. I think it's only permitted for senior cits. I'm not sure what the details are, but one thing is that when you buy the new property, it has to be near equal in value or less to what you just sold, and there is a time window. I haven't read the details myself, since it doesn't apply to me. Something like Proposition 90 :

http://www.diablovalley.net/senior-living.html

[Coronita]

temeculaguy,

 

Try this link:

http://sandiego.houserebate.com/search/homeview.asp?id=1681754

or

http://www.redfin.com/stingray/do/printable-listing?listing-id=1208793

Also, it's MLS#076081039

More pictures here:

http://www.previewfirst.com/ViewVirtualTourThumbnails.do?id=15236

 

The tipoff for me in the order of most obvious to least

1) the cherry red dining room table.

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=6

 

2) the huge vase in the living room

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=7

 

3) the bedroom picture and office picture that show,how should i say, a minimalist approach to furnishing (reminds me of myself).

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=12

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=15

 

4) the pictures on the wall (ok that really tips it off)

 

5) the piano.I assume this must be for a child. ( I don't know a single chinese person who didn't either have to learn the piano or violin or both growing up).

 

In general, the pictures display a "minimalist" interior, which typically is a trait of some Chinese. Not trying to generalize (ok maybe I am). Several Chinese families that sell a home haven't grasped the concept of "staging a home" for the sale, even if it means making certain things more presentable. Although I doubt it will help bump up the price by itself, I think it does help in terms of appeal.

But on the other side, their spending selection suggests these are probably not big spenders..I'd bet the couple drives a beat up toyota or honda 🙂

BTW the listing agent, who I sort of know, should know better than to put pictures like #3 in a MLS listing. Though she actually does quite well within the Chinese community.

 

****The following comment is not to be interpreted as a racist comment. While I am a white male who is not permitted to comment on any group,I have a lengthy track record here and in life of having nothing but respect for asian culture, religion and philosophy. I apologize in advance for my insensitive remarks*****

Sometimes i feel bad about all the political correctness that exists. I feel being PC was something thrown on to cauasians to bring "sensitivity" to the world. Everyone is so concerned about accidently offending someone else. It's really gotten out of hand in a lot of cases.

 

[Coronita]

temeculaguy,

 

Try this link:

http://sandiego.houserebate.com/search/homeview.asp?id=1681754

or

http://www.redfin.com/stingray/do/printable-listing?listing-id=1208793

Also, it's MLS#076081039

More pictures here:

http://www.previewfirst.com/ViewVirtualTourThumbnails.do?id=15236

 

The tipoff for me in the order of most obvious to least

1) the cherry red dining room table.

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=6

 

2) the huge vase in the living room

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=7

 

3) the bedroom picture and office picture that show,how should i say, a minimalist approach to furnishing (reminds me of myself).

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=12

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=15

 

4) the pictures on the wall (ok that really tips it off)

 

5) the piano.I assume this must be for a child. ( I don't know a single chinese person who didn't either have to learn the piano or violin or both growing up).

 

In general, the pictures display a "minimalist" interior, which typically is a trait of some Chinese. Not trying to generalize (ok maybe I am). Several Chinese families that sell a home haven't grasped the concept of "staging a home" for the sale, even if it means making certain things more presentable. Although I doubt it will help bump up the price by itself, I think it does help in terms of appeal.

But on the other side, their spending selection suggests these are probably not big spenders..I'd bet the couple drives a beat up toyota or honda 🙂

BTW the listing agent, who I sort of know, should know better than to put pictures like #3 in a MLS listing. Though she actually does quite well within the Chinese community.

 

****The following comment is not to be interpreted as a racist comment. While I am a white male who is not permitted to comment on any group,I have a lengthy track record here and in life of having nothing but respect for asian culture, religion and philosophy. I apologize in advance for my insensitive remarks*****

Sometimes i feel bad about all the political correctness that exists. I feel being PC was something thrown on to cauasians to bring "sensitivity" to the world. Everyone is so concerned about accidently offending someone else. It's really gotten out of hand in a lot of cases.

 

[Coronita]

temeculaguy,

 

Try this link:

http://sandiego.houserebate.com/search/homeview.asp?id=1681754

or

http://www.redfin.com/stingray/do/printable-listing?listing-id=1208793

Also, it's MLS#076081039

More pictures here:

http://www.previewfirst.com/ViewVirtualTourThumbnails.do?id=15236

 

The tipoff for me in the order of most obvious to least

1) the cherry red dining room table.

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=6

 

2) the huge vase in the living room

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=7

 

3) the bedroom picture and office picture that show,how should i say, a minimalist approach to furnishing (reminds me of myself).

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=12

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=15

 

4) the pictures on the wall (ok that really tips it off)

 

5) the piano.I assume this must be for a child. ( I don't know a single chinese person who didn't either have to learn the piano or violin or both growing up).

 

In general, the pictures display a "minimalist" interior, which typically is a trait of some Chinese. Not trying to generalize (ok maybe I am). Several Chinese families that sell a home haven't grasped the concept of "staging a home" for the sale, even if it means making certain things more presentable. Although I doubt it will help bump up the price by itself, I think it does help in terms of appeal.

But on the other side, their spending selection suggests these are probably not big spenders..I'd bet the couple drives a beat up toyota or honda 🙂

BTW the listing agent, who I sort of know, should know better than to put pictures like #3 in a MLS listing. Though she actually does quite well within the Chinese community.

 

****The following comment is not to be interpreted as a racist comment. While I am a white male who is not permitted to comment on any group,I have a lengthy track record here and in life of having nothing but respect for asian culture, religion and philosophy. I apologize in advance for my insensitive remarks*****

Sometimes i feel bad about all the political correctness that exists. I feel being PC was something thrown on to cauasians to bring "sensitivity" to the world. Everyone is so concerned about accidently offending someone else. It's really gotten out of hand in a lot of cases.

 

[Coronita]

temeculaguy,

 

Try this link:

http://sandiego.houserebate.com/search/homeview.asp?id=1681754

or

http://www.redfin.com/stingray/do/printable-listing?listing-id=1208793

Also, it's MLS#076081039

More pictures here:

http://www.previewfirst.com/ViewVirtualTourThumbnails.do?id=15236

 

The tipoff for me in the order of most obvious to least

1) the cherry red dining room table.

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=6

 

2) the huge vase in the living room

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=7

 

3) the bedroom picture and office picture that show,how should i say, a minimalist approach to furnishing (reminds me of myself).

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=12

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=15

 

4) the pictures on the wall (ok that really tips it off)

 

5) the piano.I assume this must be for a child. ( I don't know a single chinese person who didn't either have to learn the piano or violin or both growing up).

 

In general, the pictures display a "minimalist" interior, which typically is a trait of some Chinese. Not trying to generalize (ok maybe I am). Several Chinese families that sell a home haven't grasped the concept of "staging a home" for the sale, even if it means making certain things more presentable. Although I doubt it will help bump up the price by itself, I think it does help in terms of appeal.

But on the other side, their spending selection suggests these are probably not big spenders..I'd bet the couple drives a beat up toyota or honda 🙂

BTW the listing agent, who I sort of know, should know better than to put pictures like #3 in a MLS listing. Though she actually does quite well within the Chinese community.

 

****The following comment is not to be interpreted as a racist comment. While I am a white male who is not permitted to comment on any group,I have a lengthy track record here and in life of having nothing but respect for asian culture, religion and philosophy. I apologize in advance for my insensitive remarks*****

Sometimes i feel bad about all the political correctness that exists. I feel being PC was something thrown on to cauasians to bring "sensitivity" to the world. Everyone is so concerned about accidently offending someone else. It's really gotten out of hand in a lot of cases.

 

[Coronita]

temeculaguy,

 

Try this link:

http://sandiego.houserebate.com/search/homeview.asp?id=1681754

or

http://www.redfin.com/stingray/do/printable-listing?listing-id=1208793

Also, it's MLS#076081039

More pictures here:

http://www.previewfirst.com/ViewVirtualTourThumbnails.do?id=15236

 

The tipoff for me in the order of most obvious to least

1) the cherry red dining room table.

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=6

 

2) the huge vase in the living room

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=7

 

3) the bedroom picture and office picture that show,how should i say, a minimalist approach to furnishing (reminds me of myself).

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=12

http://www.previewfirst.com/ViewVirtualTourThumbnailDetail.do?id=15236&currentIndex=15

 

4) the pictures on the wall (ok that really tips it off)

 

5) the piano.I assume this must be for a child. ( I don't know a single chinese person who didn't either have to learn the piano or violin or both growing up).

 

In general, the pictures display a "minimalist" interior, which typically is a trait of some Chinese. Not trying to generalize (ok maybe I am). Several Chinese families that sell a home haven't grasped the concept of "staging a home" for the sale, even if it means making certain things more presentable. Although I doubt it will help bump up the price by itself, I think it does help in terms of appeal.

But on the other side, their spending selection suggests these are probably not big spenders..I'd bet the couple drives a beat up toyota or honda 🙂

BTW the listing agent, who I sort of know, should know better than to put pictures like #3 in a MLS listing. Though she actually does quite well within the Chinese community.

 

****The following comment is not to be interpreted as a racist comment. While I am a white male who is not permitted to comment on any group,I have a lengthy track record here and in life of having nothing but respect for asian culture, religion and philosophy. I apologize in advance for my insensitive remarks*****

Sometimes i feel bad about all the political correctness that exists. I feel being PC was something thrown on to cauasians to bring "sensitivity" to the world. Everyone is so concerned about accidently offending someone else. It's really gotten out of hand in a lot of cases.

 

[Coronita]

Don't you worry.Don't be surprised if Arnold proposes a bailout plan specifically for Kalifornians.

[Coronita]

Don't you worry.Don't be surprised if Arnold proposes a bailout plan specifically for Kalifornians.

[Coronita]

Don't you worry.Don't be surprised if Arnold proposes a bailout plan specifically for Kalifornians.

[Coronita]

Don't you worry.Don't be surprised if Arnold proposes a bailout plan specifically for Kalifornians.

[Coronita]

Don't you worry.Don't be surprised if Arnold proposes a bailout plan specifically for Kalifornians.

[Author]

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