In this video, I explain how I fill out a California Claim for Reassessment Exclusion for Transfer between Parent and Child. This form is used when a parent transfers real property to a child, or in some cases a grandchild, step-child, or in-law. Completing this form and filing it with the County Recorder (CA) in the county where the real property is situated will make it so there is no "step-up" in the property tax basis for the transferee. This form can literally save you tens of thousands or hundreds of thousands of dollars over the years if the property had a very low property tax basis compared to its current value.
And of course you're smart enough to know that nothing in this video is to be construed as legal advice. It's just how I fill out the form. And nothing in this video creates an attorney-client relationship. In fact, my hope is that this video helps you avoid needing an attorney at all.
I am a California and New York-licensed attorney with offices in Manteca, California and Livermore, California. My law firm is Advance Planning, A Law Corporation. Our website is: www.advanceplanninglaw.com
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