Trust and Estate Solutions
first PROBATE Loans

Hi, I'm Jonathan Brooks, the principal of First Probate. First Probate provides short term loans to fiduciaries - executors, administrators, trustees, conservators and guardians - who borrow on behalf of trusts and estates.  First Probate specializes in resolving challenging and difficult title problems associated with trusts and estates.    I have provided these services to the probate community for more than 20 years.


First Probate is happy to provide you with a complimentary property profile, recorded lien and last vesting deed, upon request (Send us an email).  


If you have any comments, simply hit REPLY and let me know.  If you have some information that you would like to communicate to the probate community, forward it to me for consideration. Lastly, if I haven't convinced you that my newsletter is worthwhile, just press "SafeUnsubscribe" below.


Here's hoping we continue to stay in touch and that we may be of service to you!


Very truly yours,

Jonathan Brooks  



  Avoiding Property Tax Reassessment Upon Distribution to Children
In my business of arranging loans to trusts and estates, I often make loans in order to eliminate the Property Tax Reassessment Event when the transfer of real property is between parents and children or grandparents and grandchildren.

A common strategy to prevent a property tax reassessment event, and the resultant higher property tax, is for a third-party lender to loan money directly to a trust or estate prior to distribution, thus placing debt on the property to adjust the value of assets being distributed to beneficiaries. The per-year savings can be enormous.

After the loan transaction is complete, the next step is distribution (recording the Trust Transfer Deed to the children beneficiaries); and, filing the Preliminary Change of Ownership Report ("PCOR") along with a Claim for Reassessment Exclusion (either the Proposition 58 form or the Proposition 193 form).
Here are a few practical tips:
  • Be sure the PCOR and Prop 58 or Prop 193 forms are filed concurrently with the recording of the Trust Transfer Deed.
  • On the PCOR:
    • The SELLER/TRANSFEROR is always the fiduciary of the entity (e.g., "Donald Duck, Successor Trustee of the Mickey Mouse Family Trust"); always include the fidicuiary's title.
    • BUYER/TRANSFEREE is the child beneficiary.
    • Part 1-J must be checked YES, indicating a transfer to children or grandchildren.
    • Part II-B: The Type of Transfer is Inheritance and include the Date of Death.
    • On the Claim for Reassessment Exclusion,
      • Section B-1 and signature lines: The TRANSFEROR(S)/SELLER(S) is always the fiduciary of the entity (e.g., "Donald Duck, Successor Trustee of the Mickey Mouse Family Trust"); always include the fidicuiary's title.
      • Section B-2; use the Trust Tax ID, if available.
      • Section B-3; use PARENT OR GRANDPARENT

 PFAC names Jonathan Brooks Marketing Committee Chair for it's 2017 Annual Conference

The Professional Fiduciary Association of California ("PFAC") has re-appointed me as the 2017 Annual Conference Marketing Committee Chair. I was previously the 2016 Annual Conference Marketing Committee Chair.
During my term I will lead year-long efforts that focus on the 2017 PFAC Annual Conference, working to increase awareness of the organization, and help build non-member conference participation.
My role as the Marketing Committee Chair will be to communicate and spread the PFAC message to organizations and professionals throughout the state, including attorneys, financial planners, courts, professional networking groups, councils on aging, social workers, and colleges and universities with related programs.
The PFAC Annual Conference is an effective tool for vendors, such as Attorneys, Realtors, etc., to market to the ever-growing PFAC community; a vibrant, savvy group of professionals looking for other professionals to assist them in managing estates.
To receive 2017 PFAC Conference news via email, click here.

Have Questions?
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(818) 788-2308