The Fallout from Prop 19

In November 2020, California voters narrowly passed Proposition 19, changing the way property taxes are assessed to provide more portability for seniors, people with disabilities, and those who lose their homes in wildfires and other disasters. But the new law also came with consequences for family transfers…

CHIC (Pearl)

Under Prop 19, there are new limits on property tax exemptions in transfers to family members. The transfer must be to a child or grandchild, that family member must make the home their primary residence within one year of the transfer, and the exemption is limited to the first $1 million of assessed value over the original base assessment. And no, gifting your property to your child would not qualify for an exemption!

GEEK (Kevin)

Another Prop 19 quirk is that the same property owner can take their base property tax assessment with them to 3 different properties anywhere in California, provided the original and replacement homes are of moderately equal value. I don’t think this will lead to a flurry of seniors on the move, but it seems a bit antithetical to the original intent of Prop 13, which was to allow Californians to age gracefully in place.

Chic’s Pick: The Sea by Alexander's Steakhouse

We had a romantic Valentine’s Day dinner at The Sea by Alexander's Steakhouse courtesy of Executive Chef Pratik Mungre. A delightfully smoky Old Fashioned cocktail paired nicely with Japanese wagyu beef that literally melts in your mouth.

Thanks to the clients who gave us a gift card to try it out. We highly recommend a visit with your special someone. And don’t forget dessert!

Year of the Dragon

The official Lunar New Year falls on Saturday, and it’s a huge deal in Korea, China, and most East Asian cultures. Families gather to eat and drink special foods and play games all day. Stay tuned to our social media for posts from Lunar New Year celebrations this weekend.

Did you know we’re entering the Year of the Dragon? Experts believe this year will be marked by ambition, enthusiasm, and creativity. Sounds like a typical election year! You should also look out for lucky numbers 1, 6, and 7 and the colors silver, gold, and gray.