If 2022 goes as quickly as 2021 did, I am going to start planning my Christmas holiday in January!
YOU HAVE QUESTIONS, WE HAVE ANSWERS!
VIVA ESCROW Q & A SEGMENT
(Real questions sent to us – verbatim!)
QUESTION:
I just got a property tax bill from the LA County Tax Collector. I already paid one for the last year. Why am I being charged again? It says “Adjusted Tax Bill” on the top.
ANSWER:
From time to time the Assessor’s office missed an assessment. Maybe it was due to a change of ownership due to death, new construction, or when the homeowners exemption is removed from one property and put on another. Once these events happen, the Assessor has the right to re-assess the tax value of the property starting from the date that the event occurred. When that is done an “adjusted” tax bill will come out, which requires to be paid. If you have other questions, it is best to give the LA County Assessor’s office a call, give them your APN number, and ask them for a good explanation.
EDUCATIONAL MOMENT:
It is important to remember that the County Assessor, by law, has the right to re-assess any property when a transfer occurs or if they find out there is new construction from the filing of permits, etc. with the city. It is up to the taxpayer to make sure they (1) qualify for an exemption, (2) state the exemption properly on any transfer of ownership deed, and (3) be proactive about providing proof to the Assessor’s office if there is an argument against the re-assessment or escaped assessment.
Here is an article that you can find on the Los Angeles County Assessor’s website regarding escaped assessments.
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QUESTION:
We have a Family Trust to handle my parents’ health care. There is a property in the Trust that is to be used for their care. How can we make sure that the person handling the Trust is doing everything properly and not selling or refinancing the property and not letting family members know?
ANSWER:
I guess the word is TRUST. Family members have to trust that the Trustees of the Trust will do what is specified in the Trust and not take advantage of their position. Keeping a close eye on what is happening to the properties can be done, but it takes time and effort. You will need to have connections with an escrow company or title company who may be able to look up any transfer of property ownership or refinance by checking with county records. However, if any changes or filings are pulled up, then it is already done and too late.
I am sorry I have no better answer. When you have a chance, do check out my Think Escrow YouTube channel video on this subject under the “ Escrow from the Trenches” category (see my link below).
EDUCATIONAL MOMENT:
When we set up our first Family Trust, my husband and I gave serious thought as to who our Successors Trustees would be in the event we could no longer act. At the time our two children were young, so we had to decide who would have the “honor” to take on the mantle before my kids were old enough. Who would take on the financial responsibilities? Who would take on the physical responsibilities for my kids? It did not have to be the same person, but all this was laid out carefully in the Trust. For those of you who have a young family and are setting up the Trust, there are many things to consider. As my kids grew older and our needs changed, our Trust and our named Successor Trustees also changed. What this means is that everyone should review their Trust from time to time, to make sure that it remains viable within your financial and personal positions through time.
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~ Funny of the Month ~
Going back to work? (part 2)
New year. Are many of you going back to work at the office? With the surge in Omicron variant, things are a little iffy, but, here’s another going back to office funny video for you to liven up your day:
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~ Quote of the Month ~
The worst thing a mechanic can say to you is, “Come out here and let me show you something.”
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What is the purpose of setting up a Trust? What happens when there’s a change in management? Will the new Trustees follow the directions set down by the old Trustee and stated in the Trust Agreement?
You Have Questions? We Have Answers!
Juliana Tu, CSEO, CEO, CBSS, CEI, SASIP
“Escrow is my FOREMOST language!”
Advance Disclosure:
The opinions expressed in this blog are solely the author’s.
Your comments and viewpoints are always welcome.
Info @ VivaEscrow.com