As the changes in California taxation for real estate gifts and inheritance take effect in February 2021, this is a critical time to review your estate planning. Join us to learn about the law changes and how you can plan for your family's estate at our next Family Business Legacy webinar with Estate Elder and Special Needs Attorney, Terri Hillard.

What PROPOSITION 19 means to you and your family business:

Effective February 16th, 2021, if you plan to pass your home, vacation homes, or rental properties to the next generation, the newly passed Prop 19 will severely limit and in most situations, eliminate your options.

• Exemption for reassessment for up to $1mm of assessed value of property other than a principal residence will be eliminated.
• Transfer of a personal residence from parent to child will result in the reassessment of the property unless the child occupies the property as the child’s own principal residence within 12 months of the transfer date.
• Even if the child occupies the property as their primary residence, the property tax reassessment exclusion is limited.
• If you have an existing Qualified Personal Residence Trust (QPRT), there will be a reassessment of your personal residence at the end of the QPRT term.

About the Speaker

Terri E. Hilliard, Esq. is the principal of Terri Hilliard, P.C. in Westlake Village, CA. Her practice centers on advanced estate and business succession planning, asset protection, special needs trusts, and family protection planning for seniors. She is a private mediator focused on helping families, elders, individuals and businesses resolve disputes through Family Meetings and if needed Mediation. She earned her law degree from Loyola Law School in 1989.

Terri Hilliard Olson focuses her practice upon advanced estate and business succession planning, asset protection for families and elders, special needs trust, family protection planning. She is also a private mediator for the community and businesses. She is certified as a Dementia Care Practitioner and is a Veterans Accredited Attorney.

Hilliard is keen on providing ongoing education for the public, as well as, for professionals serving seniors in health care, long-term care, and financial services. Her firm offers unbiased assistance in how to locate quality nursing home and assisted living resources, including strategies for how to pay for long-term care. She is a frequent speaker at community and professional events and offers her own series of seminars on elder care and estate planning issues on a monthly basis. She publishes articles on trending topics, estate planning for seniors and individuals with special needs called “Terri Talks.” And she updated and republished her first collaborative book titled “Protecting Your Legacy. What You Really Need to Know for the Second Half of Life” that focuses on family mediation and aging. Also, she published companion books entitled, “You’re Not Alone” with focus on Dementia and Alzheimer’s diagnosis for those diagnosed and caregivers.