Lifetime Gifts Compared to Post Death Transfers of California Real Property Tip Sheet by Deed and Record

Huntington Beach, CA (PRWEB) October 19, 2017

In anticipation of death an owner of California real property can either gift while living the property or plan by Will or Trust for the transfer to occur after death. This Tip Sheet by Deed and Record explains the tax, control and Medi-Cal eligibility consequences of the two approaches.

In California property taxes are assessed at about one percent of the purchase price of the real property plus nominal annual increases. This is the property tax base. A gift while living will increase the property tax base to fair market value. Post death transfers delay the property tax base increase to the date of death.

There are exceptions to the property tax base increase such as spousal transfers and transfers between parents and children so the property tax increase for these transfers is not an issue. For all others, most likely, the property tax bill will increase. For all lifetime transfers the biggest problem is capital gains that results from application of the gift and estate tax.

A gift of real property is subject to the gift and estate tax. This is not an issue for most people as the exemption amount is over five million dollars and so no gift tax is assessed. But in the gift tax assessment process the purchase price of the original owner is transferred to the new owner. On the sale of the gifted property, a capital gains tax is assessed on the difference between the original purchase price and sales price.

Post death transfers are also subject to the gift and estate tax, but again this is not an issue for most people because the exemption is over five million dollars. The difference in post death transfers compared to lifetime transfers in application of the gift and estate tax is the basis for capital gains tax becomes the fair market value as of date of death. Post death transfers of real property can avoid substantial capital gains tax compared to lifetime transfers.

An additional problem for a lifetime gift is Medi-Cal eligibility. The timing of the transfer may disqualify the owner for Medi-Cal because of the look back period for assets transfers. Regardless of taxes and Medi-Cal the biggest problem with lifetime transfers is the loss of control.

When a person gives away real property or a portion of the real property, he or she no longer has the ability to live in the house, sell the house or borrow money on the house without the new owner’s consent. Post death transfers do not relinquish control.

In planning for death, an owner of real property can either gift the property while living or plan for a post death transfer. Gift transfers relinquish control, may increase in property taxes, will in a future sale incur higher capital gains tax and may hinder Medi-Cal eligibility. Post death transfers such as Wills and trusts do not have these problems.

This Tip Sheet is provided by Mark W. Bidwell, a licensed attorney in California. Office is located at 4952 Warner Avenue, Suite 235, Huntington Beach, California 92649. Phone is 714-846-2888.

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eConnect Receives 2017 Industry Excellence Award from Gaming & Leisure Magazine

(PRWEB) October 19, 2017

eConnect, Inc., a Las Vegas-based software company which provides hospitality and gaming companies with a platform for actionable information, reinforced by video, is once again proud to be recognized for its leadership in the Gaming industry. This year, eConnect has received the Industry Excellence Award from Gaming & Leisure Magazine.

The prestigious Gaming & Hospitality Industry Awards are uniquely free to enter globally and are created and judged by the buying constituency. Recipients are considered for their product quality, service and performance. The award was presented to eConnect October 2nd at the annual G&L roundtable in Las Vegas.

“We continue to provide innovative solutions to our gaming customers,” said Henry Valentino, CEO of eConnect. “We are very happy to be recognized by our peers in the industry through this prestigious award.”

eConnect has unveiled a number of new products and features in the past year including its Game Pace application which combines ratings data, electronic shoe information and surveillance video to provide real-time analytics to Table Games operators, new alerts in its Baccarat module, enhancements to the Player Ratings application, and a new front-end Dashboard.

About eConnect

eConnect™ is a cutting-edge technology company that helps improve business performance through data and video intelligence. The company seamlessly integrates digital video surveillance with transactional data from point-of-sale (POS), casino systems, people counting and other data sources to quickly and directly improve profitability, efficiency and the guest experience. eConnect offers measurable ROI within months of system deployment. The software tools are world-renowned for their ability to discover previously unknown problems, thereby reducing eliminating sources of loss and correcting operational problems. For more information visit http://www.econnectglobal.com

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East Tennessee’s Newest Tourism Trail Offers Wine and Ciders Mixed with Adventure

GREAT SMOKY MOUNTAINS, Tenn. (PRWEB) October 19, 2017

A brand new wine and cider trail has opened this fall in Nine Lakes Wine Country of East Tennessee, skirting along 100 miles of the foothills of the Great Smoky Mountains National Park.

Where nature and wine entwine, Foothills Wine & Cider Trail features fun and adventure along the way. Visitors can take a walk on America’s longest swinging bridge or soar down the highest zip line in the Smokies at Foxfire Mountain Adventure Park, home of Wyile Cider Barn. Or experience the peaceful side of the Smokies as you visit Tuckaleechee Caverns or travel the Cherohala Skyway Scenic Byway. You may want to schedule a couple of days for this great wine and cider trail.

“Just in time to view the beautiful fall leaves, enjoy a trip on the brand new Foothills Wine & Cider Trail. It offers an unmatched view of the Great Smoky Mountains, adventure fun in Sevierville, and of course, delicious Tennessee wines and ciders,” said James R. Riddle, president of the Appalachian Region Wine Producers, which established the trail.

Four wineries and one cider mill have joined together for the cooperative tourism attraction. Participants who visit all five establishments will receive a commemorative wine trail glass, and be entered to win quarterly prizes.

To kick off its opening, Foothills Wine & Cider Trail is offering a Wine Adventure Giveaway, a package of prizes that involve area attractions as well as the trail. The package includes two zip-line passes to Foxfire Mountain Adventure Park, near Wyile Cider Barn in Sevierville, two splash passes from River Rat Rafting Company, which runs whitewater rafting in Hartford near the Pigeon River Winery, and a tubing venue near Cades Cove Winery in Townsend, a $50 Gift Certificate to Flap Jacks, near Mill Bridge Winery in Pigeon Forge, and two passes to The Lost Sea, an underground cavern near Tsali Notch Vineyard in Madisonville, TN.

Read more about the giveaway at http://www.FoothillsWineandCiderTrail.com.

“These gifts are really designed to get folks out on Foothills Wine & Cider Trail, and to give them a taste of all that East Tennessee offers for vacations. This is a wonderful place for friends and family to get away, enjoy all the natural beauty of East Tennessee, but also taste some award-winning wines and ciders,” said J.D. Dalton, manager of Tsali Notch Vineyard.

This trail features some of Tennessee’s most awarded wines. Tsali Notch Vineyard’s Hiwassee wine, a dry Muscadine varietal, has won more awards than any other Tennessee wine, including gold and silver medals from the San Francisco Chronicle’s Wine Competition.

The Appalachian Region Wine Producers Association’s mission is to grow the wine industry in East Tennessee. The association was the recipient of a U.S. Department of Agriculture Value Added Producer Grant in 2016. The association has established two wine trails, hosted the first Nine Lakes Wine Festival in May 2017, and has begun the process of establishing East Tennessee’s first American Viticultural Area (AVA).

An AVA is an official grape growing region designated by the US government, and would help establish an identity for Tennessee wines. For more information about Tennessee wines, visit http://www.ninelakeswinecountry.com

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