estate plan image with illustrated family passing home to next generation

We assist with countless family sales throughout the state of California.

Lucas Real Estate, including Real Estate Attorney Devin Lucas and CPA Courtney Lucas, can facilitate your family transaction with ease and security throughout the State of California.

For more details on the process, review our in-depth article on family transactions here.

Equally important, Review our article on Proposition 19 and its dire reduction of the family transfer tax benefit here

We are experts in California intra-family transactions, family gifting, family sales and transferring of inherited property, utilizing all aspects of Proposition 13 and new Proposition 19 (former Proposition 58, Proposition 60, Proposition 90 and Proposition 193), gift tax allowances, estate tax considerations and the step-up in basis to ensure the lowest tax consequence possible.

We can coordinate all aspects of your California real estate family transaction via video conference and teleconference. We can send a notary to your home and you never have to leave the house.

Our office can directly electronically file documents with most County Recorder’s Offices throughout California, providing swift turnaround (most law firms must outsource this task to title companies or third-party providers, we do this in-house).

Real Estate – often a family’s largest asset – can be freely transferred, sold, gifted/inherited or a hybrid of sale and gift (i.e. selling below fair market value). Parents can sell to children using seller financing (or a ‘seller carry-back’) where the children pay the parents monthly mortgage payments just like a traditional loan, or, where the child obtains a new traditional loan (presuming they can qualify) paying off the parents and any mortgage the parents may have on the property. Equity in the home can be used as a “gift of equity” to assist the child with the downpayment (potentially allowing a no down payment sale, even with a traditional third-party loan). The property can be sold at fair market value, or below fair market value (the difference simply being a “gift”).

WARNING — CALIFORNIA PROPOSITION 19 HAS UPENDED THIS ENTIRE PROCESS AND WIPED OUT MANY BENEFITS OF ‘OLD’ PROPOSITIONS 58 AND 193 AS OF FEBRUARY 16, 2021. If a death or notarization occurred prior to February 16, 2021, you may be able to take advantage of the ‘old’ proposition 58 and proposition 193. Otherwise, as of now, all new family transactions (including sales, gifts and death) will be subject to Proposition 19.

Review our in-depth article on family transactions here, including overview of options and general tax considerations.

Equally important, Review our article on Proposition 19 and its dire reduction of the family transfer tax benefit here

What We Can Do For You

Everything. 100 percent of our business is California residential real estate. We are in-house real estate attorneys, real estate brokers, REALTORS® and CPAs. We provide legal assistance and consultation for your real estate matter throughout California.

We prepare, review, discuss and explain all documents necessary including the purchase agreement, seller disclosures, tax forms, any applicable seller notes and financing documents and all required documentation and can even electronically record title.

If applicable, we coordinate inspections, appraisals, due diligence, termite and/or other repairs.

If a loan is involved, we work with the lender and a third-party title and escrow company (that the lender will require) and coordinate all aspects of the same to ensure a seamless transaction.

If the family members are self-financing, or using seller-financing, or other creating independent financing goals, we can assist with all aspects including drafting Promissory Notes and Deeds of Trust (aka a mortgage) and recording the same against the property.

Confidentiality agreements and use of LLCs to further assure privacy can also be facilitated.

Everything you would anticipate from a five-star concierge real estate service provider based in Newport Beach, California.

Why Use An Attorney For a Family Real Estate Transaction?

Many situations exist where a family sale is right for you and the use of an attorney is ideal. You simply may not need the full services of a traditional REALTOR® such as marketing the home, showing the home, hosting open houses, etc. Likewise, you may not need to pay a traditional commission simply to sell the home to a family member.

This is when an attorney can be ideal – simply to prepare the necessary paperwork, including all required disclosures, and guiding you throughout the sale, simply without the marketing and preparation that comes with most traditional sales.

An attorney provides obvious benefits to a buyer or seller – legal and tax advice that a traditional REALTOR® simply cannot provide.

Even a family sale, family gift or inheritance will trigger tax implications and reporting requirements, coupled with disclosure requirements and inherent risk and liability if not done correctly. Involvement of a trust further complicates the matter. You may want a lawyer to arrange for title insurance, even in family sales.

Property tax reassessments are likely in any transfer (even gifts), and if you qualify for an exemption, specific filings and strict timelines are at issue. There is much confusion over Proposition 19 and its impacts on family transfers, sales and gifts. We are experts in Prop 19 (see our specific Prop 19 pages and articles starting on this page link).

Capital Gains, step up in basis, property tax reassessments (Prop 19), gift tax exclusions and other considerations should be forefront in any potential family sale, gift or inheritance.

We have too often seen people that ‘forget’ (or simply never know!) to file for reassessments exclusions, 593 forms, gift tax returns and other critical documents.

Private real estate transactions and family gifts can lead to negative tax, trust, and inheritance consequences for everyone, often unknown until many months or years later when the transaction most likely cannot be undone. Done correctly, with legal advice and coordination throughout, a family transaction can preserve the valuable property tax basis, not trigger a capital gain impact, not trigger a gift or estate tax issue, and avoid risk and liability for all parties.

Inheritance / Trust Distribution of Real Estate

In the case of inheritance – when a loved one passes away – it can be a difficult and stressful situation for all involved. The Trustee, often a family member, can be under added stress with the ‘thankless job’ of distributing the estate and dealing with other family members and beneficiaries, all often with their own input. We can assist as to all aspects of any California real estate. We can review the trust and assist the Trustee(s) with real estate distribution or sale.

Often a trust provides options, such as a “share and share alike” option to distribute property to one beneficiary, and other assets to another, while still retaining the Proposition 19 and Proposition 13 property tax benefits. This is often called a “sibling buyout” or “sibling buy out” or “buying out my sibling”. This can be accomplished with additional estate assets or the use of a third-party loan.

Any Property Anywhere in California

We can facilitate and assist with any real property transaction in the state of California.

Using video conference, email, teleconference, mobile notaries, electronic signatures, electronic filings, and overnight delivery services, we can accomplish it all from virtually any location in the world.

We do countless family sales throughout the state of California – it is a significant part of our business.

Ready to proceed with a family sale or transfer today? – contact our office or book a consultation for an in-depth review including tax considerations.

To discuss your family real estate transaction, contact our office. If you are ready to proceed with a consultation, you can book directly by clicking here

Questions about a family gift, sale or inheritance? – our preference is an initial consultation with the key parties to discuss the transaction, review potential tax considerations and an overall plan for the transaction.  Paid one-hour Zoom consultations ($295) are conducted daily and address virtually all questions, options and tax implications and strategies. (Book a consultation here.) Consultation fees are applied towards any future family transaction. Zoom consultations can, of course, be conducted from anywhere, including the comfort of your own home. While we are located in Newport Beach, California, we can assist with a family transaction for real estate located anywhere throughout California.

If you are ready to proceed with a transfer, just call or email to get started. Contact info below.

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Schedule an appointment by clicking here

Family Transactions discussed in depth here

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