CALIFORNIA PROPOSITION 193

California Proposition 193 provides some of the same exclusions as California Proposition 58. Effective March 27, 1996, Proposition 193 is a constitutional amendment approved by the voters of California which excludes from reassessment transfers of real property from grandparents to grandchildren, providing that all the parents of the grandchildren who qualify as children of the grandparents are deceased as of the date of transfer. Proposition 193 is also codified by section 63.1 of the Revenue and Taxation Code.

An eligible “grandchild” for purposes of Proposition 193 is any child of parent(s) who qualify as child(ren) of the grandparents as of the date of transfer. Here are the existing guidelines. A “child” for purposes of Proposition 58 include any child born of the parent(s), any stepchild while the relationship of stepparent and stepchild exists, any son-in-law or daughter-in-law of the parent(s), and any adopted child who was adopted before the age of 18. Spouses of eligible children are also eligible until divorce or, if terminated by death, until the remarriage of the surviving spouse, stepparent, or parent-in-law.

Board of Equalization Website: Prop 193 Questions & Answers

For additional details on loans to trusts, estates and probate; please visit our home page.

 

IF YOU ARE IN NEED OF A REPUTABLE TRUST OR ESTATE LOAN PROVIDER, PLEASE CONTACT COMMERCIAL LOAN CORPORATION:

You can visit their website for more information at: www.cloanc.com
Or speak to them by phone at:  877-464-1066