Valuation
In addition to paying rent, the “triple” in a triple net lease paid for by the tenant.
What is property tax, insurance premiums, and maintenance costs.
A petitioner is required to prove this to avoid enforcement of a no-contest clause in an action filed to contest the validity of a testamentary document.
What is reasonable or probable cause.
This is the exclusion amount from reassessment on the transfer of a principal residence.
What is 1 million dollars plus the assessed value at the time of transfer.
It is the time period in which a person in possession of a decedent’s will must either file it with the County Clerk or present it for probate in the county of the decedent’s residence.
What is within 30 days of knowledge of the decedent’s death.
These are the federal transfer tax and the annual gift tax exclusion limits for 2023.
What is $12,920,000 and $17,000.
The maximum length of time before a charitable donation of property occurs in which the appraisal must also occur.
What is 60 days.
This type of capacity is required to make a complex trust.
What is contractual capacity (rather than testamentary capacity).
This amount of acreage of a “family farm” can escape reassessment.
What is no limit (but the exclusion still applies).
For deaths occurring after April of 2022, what is the maximum value of an estate utilizing the small estate affidavit?
What is $184,500
In this year, the current gift/estate/GST exemption is scheduled to be cut almost in half.
What is 2026
The required valuation date of an appraisal when appealing for a property tax reduction under Proposition 8 (decline in value).
What is January 1st.
The party in interest in an action filed on behalf of, or against, a trust.
Who is the trustee.
The time limit to file the Homeowners’ Property Tax Exemption form and receive retroactive relief.
What is one year.
Those who inherit a married decedent’s separate property if the decedent died intestate with surviving children.
Who are the decedent’s spouse and children.
Two kinds of outright gifts not subject to federal transfer tax.
What are marital and charitable gifts.
Under section 170(f)(11)(C), taxpayers are required to obtain a qualified appraisal for donated property for which a deduction of more than this is claimed.
What is $5,000
The level of proof required to overcome the presumption that the owner of the legal (recorded) title to property is the owner of the full beneficial title.
What is clear and convincing.
If two children inherit a principal residence from a deceased parent valued under $1 million dollars, this share of the total may escape reassessment if only one child resides there as his or her principal residence at the time of the parent’s death going forward.
What is 100%.
This occurs when the residue of an estate is insufficient to pay all debts, expenses, and gifts.
What is abatement.
This is the current filing deadline for making the estate tax portability election for estates not otherwise required to file by the standard filing and extension deadline.
What is 5 years after date of death.
Under this type of lease, the landlord pays for all property expenses.
What is full service gross (or gross lease).
The holding in this 1993 Court of Appeal case pertaining to the determination of title to trust property is also codified under Probate Code § 850.
What is the Heggstad case.
If more than a year passes from the time of transfer and no Homeowners’ Property Tax Exemption form or exclusion from reassessment forms are filed, a property may prospectively escape reassessment upon proving this.
What is principal residency of the transferee established within one year of the transfer (but retroactive relief is not available if already reassessed).
The earliest time that notice of the existence of a trustor’s trust must be provided to non-trustor beneficiaries.
What is at the trustor’s incapacity (as of 2022).
This type of federal transfer tax is ineligible for, and does not affect, portability.
What is generation-skipping transfer tax.