LLCs – great for asset protection during life; but beware of pitfalls at your passing
Pretty much all California real estate owners are aware of Proposition 13, the benefit granted to existing real estate owners, restricting property tax increases to a maximum of 2% per year. Many real estate owners are also aware of Proposition 58, which provides a “parent-child exclusion” from the normal rule that eliminates Proposition 13 protection from any change in ownership. Proposition