Your Quarterly update is here

Prop 19 Restrictions to the Property Tax Reassessment Exclusion

By Jonathan Brooks, President

First Probate Loans

Frequently I'm asked about Prop 19 restrictions to the property tax reassessment exclusion; and, I always refer to either an attorney, the local county assessor or directly to the Board of Equalization itself. This law is new and we are all feeling our way through these solutions, including each of the 58 California County Assessors and Deputies. The new Prop 19 Forms were released on February 5, 2021 and are attached here and below. I encourage everyone to speak with their attorney, county assessor’s office or to the good people of the Board of Equalization. (Prop 19 Forms). For more information on Proposition 19, please visit the BOE's webpage on Proposition 19, which is located at https://www.boe.ca.gov/prop19/. In addition, see Letter To Assessors No. 2020/061. If you have any questions regarding these forms, please contact the County-Assessed Properties Division at 1-916-274-3350, David Yeung, Deputy Director Property Tax Department

Addressing Complex Borrowing Challenges: Success Stories from First Probate Loans

By Jonathan Brooks, President

First Probate Loans

As I enter the 30+ years of participation in the Trust and Estate Community in California, completing over 10,000 financial transactions, I am grateful to be of service. Working with fiduciaries and their attorneys to borrow on behalf of trusts and estates is no small matter with complex probate, national and local real property, and finance lending laws. First Probate Loans manages the probate financing process for short-term loans to trusts and estates, post-property distribution loans, and distributions of trusts and estates.

The following examples illustrate the firm’s highly specialized expertise in assisting fiduciaries, and its reputation for resolving challenging and difficult problems.

· Property Tax Reassessment Strategy Loans to Keep Low Prop 13 Tax Basis.

· Court Ordered Trust and Estate Loans to pay expenses of administration and assist in closing

· Court Ordered Receiver Loans

· Entity loans to LLCs and Corporations

· Short Term loans to provide liquidity for Businesses, Households and other entities

· Paying for conservatorship costs:

First Probate Loans: Website Resource Guide for Fiduciaries and their Attorneys including

Practical Tips for Non Pro-Rata Distributions to Avoid the Property Tax Reassessment Event

In my business of arranging loans to trusts and estates, I work directly with fiduciaries and their attorneys. This resource guide will assist you to quickly find what you’re looking for:

· Find out what is necessary to obtain a probate loan, go here

· Find out what is necessary to obtain a trust loan, go here

· Funding Non Pro-Rata Distributions & Avoid Property Tax Reassessment Event, go here

· Learn more about Paying Off Reverse Mortgages, go here

· Learn more about Loans to Upgrade Trust and Estate Real Property Prior to Sale, go here

BOE resources

· BOE website – Tax preparers can to set up an account, pay taxes, set frequency of payments, make online payments, register for permits and licenses, request relief from interest or a penalty, and request a payment plan.

· BOE Notice of Letters to Assessors – View the letters, which the BOE routinely issues to all 58 county assessors, and register online to receive notice of the letters via email.

· Current Legal Digest – Property Tax Annotations – Subscribe to receive notice of Current Legal Digests electronically.

· Prop 19 link to new forms: https://firstprobateloans.com/attorneys/.

First Probate Loans manages the probate financing process for short-term loans to trusts and estates, post-property distribution loans, and distributions of trusts and estates. The company specializes in resolving challenging and difficult problems related to title reports. The company provides complimentary property profiles, recorded liens and last vesting deeds, upon request (jonathan@firstprobateloans.com).

California Department of Real Estate Broker # 01881423

Nationwide Mortgage Licensing System and Registry NMLS # 307111

PLEASE CALL (310) 487-6944 TO DISCUSS YOUR CLIENTS’ SPECIFIC ESTATE NEEDS.

First Probate Loans | Estateloan@gmail.com | 818.788.2308 | Firstprobateloans.com