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

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

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

*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 →