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Real Estate Tax Planning

Whether you are a homeowner or a real estate investor, taxes can significantly impact your financial situation. Proper real estate tax planning is crucial for identifying opportunities to reduce your tax burden and comply with all applicable tax laws and regulations. 

There is also a role for real estate tax planning during the estate planning process. If you intend to pass property to your heirs when you die, you need to be aware of the potential tax implications of these transactions. You don’t want to leave your loved ones with substantial property tax payments or debts.

What Do Real Estate Owners Need to Know When Preparing Estate Plans?

Comprehensive planning with the help of a knowledgeable real estate property tax attorney can maximize outcomes in these areas.

Asset Protection

Real estate often represents the most valuable assets that individuals or entities own. Tax planning is essential for protecting and preserving the value of real estate for your heirs. One option is placing your property in a trust, which is a legal arrangement that entails transferring ownership of a property to another individual or entity. 

Avoiding Probate

A primary advantage of placing real estate in a trust is that it helps the heirs avoid probate, which is the process of validating the will and distributing assets when someone passes away. Avoiding probate saves time and expenses and ensures a seamless transfer of property ownership. It also ensures privacy — a probated will is made public, while a trust can remain private.

Estate Tax Minimization

The need to pay an estate tax can occur when the value of an inherited asset exceeds a specified dollar amount. Estate taxes can be prohibitive — an experienced real estate tax attorney can develop and implement effective strategies for reducing the burden. 

Succession Planning

Do you have substantial real estate holdings you want to leave for multiple beneficiaries? You will need to consider several additional factors when planning an estate. For example, if you own commercial properties, you may need to ensure property management continuity. You may also need a strategy for dividing your holdings equitably among your heirs. 

Why Trust Us?

If you could benefit from the services of an experienced real estate tax lawyer near you in California, the team at Barulich Dugoni & Suttmann Law Group can help. Our real estate litigation and planning attorneys recognize the significance of estate planning as it relates to real estate ownership. 

Real estate law, estate planning and taxation are prominent practice areas in our firm. We can meld these disciplines to develop and implement a targeted strategy that meets your needs. We are also uniquely qualified to represent California executors and trustees. 

At Barulich Dugoni & Suttmann Law Group, we’re committed to helping our clients protect everything they’ve worked so hard to create. We develop plans that avoid issues at the beginning instead of resolving disputes later.

Speak to a Real Estate Tax Lawyer at Barulich Dugoni & Suttmann Law Group

Do you have questions regarding real estate tax planning and estate planning in California? Call our firm at 650-547-3293 to speak to an attorney or submit our online form to request additional information today.