Real estate is a major component of many clients' estates. Our work in this area is generally complimentary to estate plans. When issues are beyond our scope of comfort, we bring in outside counsel with that particular focus. For example, we may bring on the team an attorney who is accomplished in commercial real estate transactions. That expertise may further require others with a more narrow focus such as dealing with hazardous waste.
California real estate is unique in that it is subject to Proposition 13 which was enacted in 1978. Many clients own property with low assessed property tax values. In planning transfers during life or at death, exemptions can provide substantial property tax savings each year. Our strategies have been known to save substantial property taxes for transferees.