Top 10 Tips for Inheritance Planning in the Orange County Real Estate Market

Real Estate

By Natalie Boyle, REALTOR®, Founder of Verso Homes (DRE #01329012)

Published July 8, 2024

Planning for inheritance is vital, especially in real estate. Proper estate planning ensures your assets are distributed according to your wishes, minimizing conflicts and taxes. Here are the top 10 tips focusing on Orange County real estate:

Establish a Revocable Living Trust: Creating a revocable living trust is essential for managing assets and avoiding probate.[7]
Regularly Update Your Trust: Review and update your trust every few years to reflect changes in assets or laws.[8]
Consider Proposition 19: Be aware of property tax changes impacting inherited properties in California.[9]
Title Your Property Correctly: Proper titling ensures assets avoid probate and follow your trust terms.[10]
Utilize a Pour-Over Will: Ensures any missed assets transfer into your trust after death.[11]
Understand the Step-Up in Basis: This tax rule can reduce capital gains taxes on inherited property.[12]
Plan for Capital Gains Tax: Consider the timing of selling inherited properties to manage taxes.[13]
Minimize Tax Liabilities: Charitable donations and gifting can reduce estate size and taxes.[14]
Include Advance Health Care Directive and Durable Power of Attorney: Manage health and finances if incapacitated.[15]
Work with an Experienced Estate Planning Attorney: Local legal expertise ensures comprehensive planning.[16]

Generational Considerations

Baby Boomers: Largest group facing inheritance, understanding taxes is crucial. Learn more about 55+ Communities in Orange County.

Generation X: Inheriting Boomers' properties, must navigate new tax laws.

Millennials: First-time homeowners, benefit from digital estate tools.

Generation Z: Early education on estate planning builds future wealth.

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*This blog post is for informational purposes only and does not constitute legal advice. Please consult a licensed attorney for specific estate planning needs.

Natalie Boyle
REALTOR®, Founder of Verso Homes (DRE #01329012)
Over 15 years helping South OC homeowners discover their perfect community.
Learn more about Natalie →