Sat Sept 29: ‘Family Wealth Forum’ — free event for family financial planning

From the SF Office of the Assessor-Recorder. This popular and well-received forum regularly provides free help in financial planning to SF families, this time with a special workshop on safeguarding against elder financial abuse. 

In September, Assessor Carmen Chu is bringing back by popular demand her Office’s community event to help San Francisco families build their financial futures, the Family Wealth Workshop. [More information below image.]

7.2018_FWW flyer

Continue reading “Sat Sept 29: ‘Family Wealth Forum’ — free event for family financial planning”

SF Assessor: Tax Savings for Families

Part of a series of posts from the San Francisco Office of Assessor Carmen Chu.

From the Office of Assessor Carmen Chu: Tax Savings for Families

Thinking about passing on property to your children? It is important to know that California tax laws allow parents to transfer ownership to their children (and vice versa) without reassessing the property to market value.

Prop 13 (1978), passed by California voters in 1978, caps yearly assessment increase on a property at 2% or the inflation rate of the California Consumer Price Index, whichever is less. However, if there is a change in ownership, property will be reassessed to market value.

However, if you submit a claim form for Prop 58 tax exclusion, your children will be able to keep your current assessed value on the property and continue to pay property taxes as you would have. This year, we have granted close to 2,000 Prop 58 exclusions for transfers between parent and children.  Continue reading “SF Assessor: Tax Savings for Families”

SF Assessor: Tax Savings for Seniors

Part of an occasional series of posts with information from the San Francisco Office of the Assessor-Recorder.

From the Office of Assessor Carmen Chu: Tax Savings for Seniors

Many seniors may consider moving to a smaller and more convenient property to live as they grow older. However, buying a new house means they need to pay property taxes at the market value of the new property, which may be much higher than their current assessment (due to inflation cap under Prop 13). Good news is California tax laws allow senior owns to transfer their assessed value. houselet

Prop 60 is a constitutional amendment passed by California voters in 1986 that allows owners who are 55 years old or older to transfer the assessed value of their existing home (original property) to their new home (replacement property) if both properties are located in the same county.

For seniors who are interested in moving to another county, please check with the local County Assessor where your new property will be located to see if they accept assessment transfer from another county, also known as Prop 90.   Continue reading “SF Assessor: Tax Savings for Seniors”

Mar 24: ‘Family Wealth Forum’: free event for family financial planning

From the SF Office of the Assessor-Recorder. This popular and well-received forum, to be held again on March 24, provides free help to to SF families in financial planning. 

In March, Assessor Carmen Chu is bringing back by popular demand her Office’s community event to help San Francisco families build their financial futures, the Family Wealth Forum. Often when speaking with community members, Assessor Chu receives questions about estate planning and passing on a family’s most valuable asset, their home.

In response, she created the Family Wealth Forum as a one-stop shop to answer those questions, offering multilingual workshops, one-on-one counseling with experts, and a variety of informative vendors.  We invite you to join us for this free community event on Saturday, March 24th, 2018, from 10:00 am – 1:00 pm at Lincoln High School, 2162 24th Avenue.  For more information and to register, please visit www.sfassessor.org/familywealthforum

Continue reading “Mar 24: ‘Family Wealth Forum’: free event for family financial planning”

‘Family Wealth Forum’: free event for family financial planning

From the SF Office of the Assessor-Recorder. This popular and well-received forum, to be held again on March 24, provides free help to to SF families in financial planning. 

In March, Assessor Carmen Chu is bringing back by popular demand her Office’s community event to help San Francisco families build their financial futures, the Family Wealth Forum. Often when speaking with community members, Assessor Chu receives questions about estate planning and passing on a family’s most valuable asset, their home.

In response, she created the Family Wealth Forum as a one-stop shop to answer those questions, offering multilingual workshops, one-on-one counseling with experts, and a variety of informative vendors.  We invite you to join us for this free community event on Saturday, March 24th, 2018, from 10:00 am – 1:00 pm at Lincoln High School, 2162 24th Avenue.  For more information and to register, please visit www.sfassessor.org/familywealthforum

Continue reading “‘Family Wealth Forum’: free event for family financial planning”