Inherited a House in California? Do These 5 Things FIRST

Inherited a House in California? 5 Things to Do BEFORE the IRS or County Takes Your Money // Inherited a house in California? The IRS and your county are quietly waiting for you to skip these 5 steps — and the mistake can cost six figures. When a parent or loved one dies and leaves you their home, most people freeze. There's grief, paperwork, deadlines you've never heard of, and a county assessor who is more than happy to reassess your property taxes the moment you slip up. The hard truth: there are five things you have to do, in a specific order, and missing any one of them can cost you tens of thousands of dollars in extra taxes, lost tax breaks, or a one- to two-year trip through probate court. In this video, California estate planning attorney Edmund Yan walks you through all five steps in plain English: how to figure out HOW you inherited the home, how to beat the Prop 19 clock, how to lock in your tax savings, how to retitle the property correctly, and the one step almost everyone forgets. 📌 You'll learn: ✔️ How you inherited the house — trust vs. will vs. no plan — and why it changes every step that follows ✔️ The Prop 19 one-year clock that can double, triple, or even quadruple your property tax bill ✔️ How to lock in the step-up in basis and potentially wipe out capital gains taxes when you sell ✔️ The date-of-death appraisal most people skip — and why the IRS will challenge you without it ✔️ How to retitle the home the right way (PCOR, affidavit of death of trustee, insurance + mortgage) so you can sell or refinance ✔️ The step almost everyone forgets — the one that quietly hands the entire probate nightmare down to YOUR kids #TreeOfLifeLawFirm #EstatePlanning #LivingTrust #Prop19 #InheritedHouse ____________________ ✝️ (𝐅𝐫𝐞𝐞 𝐂𝐥𝐚𝐬𝐬) 𝐇𝐨𝐰 𝐭𝐨 𝐌𝐚𝐤𝐞 𝐘𝐨𝐮𝐫 𝐋𝐢𝐯𝐢𝐧𝐠 𝐓𝐫𝐮𝐬𝐭 𝐖𝐈𝐓𝐇𝐎𝐔𝐓 𝐇𝐢𝐫𝐢𝐧𝐠 𝐀 𝐋𝐚𝐰𝐲𝐞𝐫: http://www.FreeTrustClass.com ____________________ Timestamps: 00:00 – What To Do After Inheriting A Home In California 00:43 – First, Figure Out HOW You Inherited the House 02:19 – Don't Miss the Prop 19 One-Year Clock 04:21 – Get an Appraisal NOW to Lock In the Step-Up in Basis 05:55 – Retitle the House Into Your Name 06:54 – Now Put YOUR New House Into YOUR Own Trust 08:39 – Without a Thoughtful Plan, You Can Lose Six Figures 09:43 – Biblical wisdom & eternal perspective ____________________ Tree of Life Law Firm (408) 412-1913 https://www.treeoflife.legal 🛑 𝐃𝐎 𝐍𝐎𝐓 𝐂𝐀𝐋𝐋 𝐔𝐒 𝐅𝐎𝐑 𝐅𝐑𝐄𝐄 𝐋𝐄𝐆𝐀𝐋 𝐀𝐃𝐕𝐈𝐂𝐄. 𝐖𝐞 𝐝𝐨 𝐧𝐨𝐭 𝐨𝐟𝐟𝐞𝐫 𝐟𝐫𝐞𝐞 𝐥𝐞𝐠𝐚𝐥 𝐚𝐝𝐯𝐢𝐜𝐞. 𝐎𝐧𝐥𝐲 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐮𝐬 𝐢𝐟 𝐲𝐨𝐮 𝐰𝐚𝐧𝐭 𝐭𝐨 𝐡𝐢𝐫𝐞 𝐮𝐬 𝐚𝐬 𝐲𝐨𝐮𝐫 𝐞𝐬𝐭𝐚𝐭𝐞 𝐩𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐚𝐭𝐭𝐨𝐫𝐧𝐞𝐲. Attorney Edmund Yan is on a mission to empower you and every homeowner in America (regardless of your budget) to make your own trust that actually works and actually protects your house and family from probate court. http://www.FreeTrustClass.com ____________________ About Attorney Edmund Yan: Hi, Edmund here. I’ve helped hundreds of clients design a meaningful future and leave a legacy of love. Because of my dedication to my clients, I’ve received many humbling awards, including: 🏆 Awarded 10 Best Estate Planning Attorney (AIOLC) 🏆 Clients' Choice Award (Avvo) 🏆 Voted in the top 2.5% of estate planning attorneys under 40 years old for 7 straight years (Super Lawyers Rising Star) Thanks for watching! If you enjoyed this video and want to see more like it, be sure to hit that subscribe button and turn on notifications so you never miss a new upload. ____________________ Legal Disclaimer: The information in this YouTube video (1) is not, nor is it intended to be, legal advice; (2) does not create an attorney-client relationship between you and our law firm; (3) provides personal perspectives on legal news and developments; and (4) is provided solely for informational purposes and may be considered ATTORNEY ADVERTISING. We do not warrant that this information is complete or accurate, and we encourage you to do your own legal research or hire an attorney to ensure your legal questions are answered. We do not guarantee that you and your family will avoid probate court. Results vary depending on your own ability to make your living trust and other estate planning documents correctly. Watching this video, leaving a comment, or communicating with Edmund Yan or Tree of Life Law Firm by email or over the Internet does not create any attorney-client relationship unless an attorney-client agreement is signed. Edmund Yan is licensed in California and New York only. Prior results do not guarantee a similar outcome. If you have legal questions specific to your unique situation, you should speak to an attorney in your state.