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Jonathan Purcell

Jonathan Purcell

  • Estate Planning, Probate, Tax Law...
  • California
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Claimed Lawyer ProfileQ&A
Practice Areas
  • Estate Planning
  • Probate
  • Tax Law
  • Real Estate Law
Fees
  • Free Consultation
  • Credit Cards Accepted
Jurisdictions Admitted to Practice
California
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US District Court, Northern District of California
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US Tax Court
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Languages
  • Chinese: Spoken
  • English: Spoken, Written
Education
University of California Hastings College of the Law
J.D. (2000) | Tax, Estate Planning, Intellectual Property, Business
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Honors: Tax Law Concentration
Activities: Symposium Editor, COMM/ENT Law Review
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Professional Associations
State Bar of California # 215307
Member
Current
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Websites & Blogs
Website
Estate Planning & Tax Law | Probate | Trust Administration | Taxation | Real Estate
Blog
NorCal Tax Law | Asset Transactions | Asset Protection
Blog
Petaluma Estate Planning Law | Probate | Trust Administration | Taxation | Real Estate
Legal Answers
9 Questions Answered

Q. common law marriage and inheritance
A: In general, common law marriage has not been recognized in California since 1895, with one exception. If a couple previously lived in a state that recognized common law marriage, and in the time they lived in that state they fulfilled that state's requirements for common law marriage, upon moving to California, their marriage may be recognized. The information presented here is general in nature and is not intended, nor should be construed as legal advice for any particular case or client. For specific advice about your particular situation, please consult with your own attorney. This posting is not intended to constitute an advertisement or a solicitation.
Q. Hello, I have a question regarding a property currently owned in an LLC (see below). Thanks for your answer. Peter
A: In general a transfer of property between an entity (such as an LLC), to one or more individuals will trigger a change in ownership and a reassessment of property tax. An exclusion provides that transfers between individuals and entities in which the proportional ownership is unchanged are not subject to a change in ownership. See, RTC 62(a) and below at Property Tax Rules 462.180 RE: PROPORTIONAL TRANSFERS OF REAL PROPERTY. Transfers of real property between separate legal entities or by an individual to a legal entity (or vice versa), which result solely in a change in the method of holding title and in which the proportional ownership interests in each and every piece of real property transferred remain the same after the transfer. See, https://www.boe.ca.gov/proptaxes/pdf/ptr462-180.pdf Jonathan Purcell is a California Attorney. This posting does not create any attorney-client relationship. The information presented here is general in nature and is not intended nor should be construed as legal advice for any particular case or client. For specific advice about your particular situation, please consult with your own attorney. This posting is not intended to constitute an advertisement or a solicitation
Q. I have a question on CA prop 13 transfer between parent and child.
A: A 'change of ownership' triggers a property tax reassessment. "... a change in ownership shall not include the following... (1)(A)The purchase or transfer of real property which is the principal residence of an eligible transferor in the case of a purchase or transfer between parents and their children. Cal. Rev. & Tax. Code §63.1(a)(1)(A) 'Transfer' includes transfer by a will, testamentary trust, or intestacy. Passing property through a trust is preferable to probate, because probate is expensive and time consuming. With regard to Federal Capital Gains tax, if you purchase the house, any appreciation that occurs between the date of the purchase, and the date of your Mother's death would be subject to Capital Gains and possibly NII. The information presented here is general in nature and is not intended nor should be construed as legal advice for any particular case or client. For specific advice about your particular situation, please consult with your own attorney. This posting is not intended to constitute an advertisement nor a solicitation.
Q. I have a will and my uncle says he has a will, what should I do for my grandmothers wishes?
A: In general, assets that are in the form of beneficiary designations through banks and investment firms do not pass through a will or testamentary trust. You will present your ID and a certified death certificate at the financial institutions that hold the accounts. The information presented here is general in nature and is not intended nor should be construed as legal advice for any particular case or client. For specific advice about your particular situation, please consult with your own attorney. This posting is not intended to constitute an advertisement nor a solicitation
Q. As a heir, do I have to pay capital gains on money I recvd from property sold from a Testamentary Trust in California?
A: Capital Gains are the difference between the basis of property and the sale price of property (less selling costs). Basis of property during life is the original purchase price of property (with adjustments). Post-mortem basis is adjusted to the Date of Death Fair Market Value, usually through appraisal. In many cases the post-mortem basis is roughly equal to the post-mortem sale price, which reduces or eliminates capital gains. Jonathan Purcell is a California Attorney. This posting does not create any attorney-client relationship. The information presented here is general in nature and is note intended nor should be construed as legal advice for any particular case or client. For specific advice about your particular situation, please consult with your own attorney. This posting is not intended to constitute an advertisement nor a solicitation
Q. My sister is my mothers conservator and the successor trustee she refuses to provide any type of accounting.
A: In California, Conservator is required to provide an accounting to the court one year after a Conservator is appointed, and every two years thereafter. A Conservator may use 'substituted judgement' to change testamentary documents such as wills and trusts, but past donative conduct, as shown by the distribution of property in previous testamentary documents, should be consistent with a new testamentary documents. As the daughter of the Conservatee, you should receive a notice of each hearing, and any substantial event, such as a sale of real property.
Q. Uncle and i bought house as joint tenants he was married title sole and separate property. He passed away
A: The surviving joint tenant(s) file(s) an "Affidavit of Death - Joint Tenant", along with a death certificate, and a "Preliminary Change of Ownership Report" (PCOR), as well as paying a filing fee. Decedent's share is distributed the remaining joint tenant(s) on the deed.
Q. I live in California. I am disabled. If Both parents pass without a will., Will I inherit their homes automatically?
A: In general, property that passes by way of a will, a trust, or through intestacy (no will) does not pass automatically. But certain types of property such as a payable on death bank or brokerage accounts, may pass to the beneficiary automatically. If you receive public benefits due to your disability, a moderate inheritance could disqualify you from some or all of your benefits. A well-drafted disability trust integrated into your parent’s estate plan, could allow you to maintain public benefits, use some of your inheritance for specific items, and possibly stay in your parent’s home.
Q. How are my capital gaines determined on a property I purchased in 1989 in CA?
A: 1. In general, basis is the purchase price of property plus capital improvements, less accumulated depreciation. 2. On death, basis is revalued at the date of death fair market value (DOD FMV), usually by appraisal. see, 26 U.S. Code § 1014 3. If the spouses each held their respective share of the property as SEPARATE property, on the death of the pre deceasing spouse, one half of the spouses' share of the property basis is revalued to DOD FMV. The other half of their share is valued according pursuant to 1., above. 4. If the spouses held the property as COMMUNITY property, on the death of the pre deceasing spouse, both halves of their share of the property basis are revalued to DOD FMV. see, 26 U.S. Code § 1014(b)(6) 5. The donor's basis of gifted property is transferred to donee. see,26 U.S. Code § 1015
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NorCal Tax Law
40 FOURTH ST. STE. 211
PETALUMA, CA 94952
USA
Telephone: (707) 694-7213