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Why it’s good to own a property in Wyoming
Why it’s good to own a property in Wyoming: Other than the tranquility and beauty of the Grand Tetons and surrounding environment.
Here are 10 good reasons why it’s good to own a home in Wyoming:
- No state income tax: With no state tax on personal or corporate income, “you have more disposable income,” Jones says.
- Dynasty trusts: In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. “You can establish a trust in Wyoming for the benefit of your family or other beneficiaries,” Jones says. “You can transfer your real estate into a limited liability company or a family partnership and then put that into the ‘dynasty trust.’ which can continue for a thousand years.” As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.
- No inheritance tax or estate tax: “Wyoming repealed its estate tax as of January 1, 2005,” Jones says.
- No state gift tax: “Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax,” Jones says.
- No tax on out-of-state retirement income: “A lot of people in Jackson Hole use Wyoming as a second home,” Jones says. “They have retirement income that comes from other states where they may be a resident. Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming, which is certainly beneficial.”
- Low property taxes: “Wyoming has very low property taxes compared to other states,” Jones says. “The taxes that you do pay here are based on the assessed value of the property.” For Teton County, he says, the rate is 1.2 percent of a property’s assessed value. The rate for the city of Jackson is 8/10 of one percent.
- No excise taxes: When you fill up your car’s gas tank or buy a bag of groceries in Wyoming, you won’t pay any state tax on your gas or food.
- No tax on mineral ownership. “A lot of states charge owners a tax on their mineral ownership, but Wyoming does not,” Jones says. “If you own minerals, you won’t pay a tax on it like you would your home.”
- No intangible taxes: Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds.
- No tax on the sale of real estate.
Seeking a knowledgeable and experienced Real Estate Advisor, reach out and let us make an introduction. Wherever you aim to be we have you covered. www.DiMaggioBettaGroup.con | Debbi.DiMaggio@corcoranicon.com | Adam.Betta@corcoranicon.com | 510.414.6777 | 510.414.1250
10 Reasons to Buy Your Home with The DiMaggio Betta Group
When you buy a home with the DiMaggio Betta Group, you might enjoy several benefits beyond just the property itself. Here are ten potential perks:
- **Expert Guidance**: Benefit from the expertise of seasoned real estate professionals who can help navigate the buying process. Adam and Debbi have been guiding clients for nearly 35 years, and successfully launched Highland Partners Real Estate during the recession. (Merged with Corcoran in 2021).
- **Negotiation Skills**: Strong negotiation tactics to secure the best price and terms for your new home. One of their greatest strengths—and a valuable asset to you—is their strong network and close relationships with agents in the areas where you’re looking to buy.
- **Market Insights**: Access to valuable local market data that helps you make informed decisions. Due to their close relationships with their agent colleagues, they can help appraisers when the time comes to have your home appraised during the loan process. If a home is pending, Adam or Debbi will call the listing agent to gain insight on the sale price. Only agents with close relationships can obtain this information prior to closing.
- **Home Inspection Services**: Assistance in arranging thorough home inspections to ensure the property is in good condition – is standard in many areas, however, in our area, it is customary that the seller will provide up front. With that said, Debbi and Adam will call on their contractors, plumbers, electricians or others (on short notice) to obtain valuable information to help you make a decision whether or not to put in an offer.
- **Financing Options**: Guidance on various financing options, including mortgage rates and terms that might suit your financial situation. The lender is a crucial part of your team. Meeting with a knowledgeable and experienced mortgage consultant is an important next step after choosing your Real Estate Advisor. Together they can guide and pose questions to best assist you during the home buying process.
- **Contract Advice and Support**: Help with understanding contracts and legal documents to ensure a smooth transaction including disclosures, home inspections, preliminary title reports, closing statements and the like. Connect you with insurance service providers so you can secure fire insurance before closing escrow.
- **Home Warranty**: The DiMaggio Betta Group gives each client they work with, a one year home warranty plan for added peace of mind regarding repairs. They encourage home buyers to renew the plan year after year.
- **Closing Cost Assistance**: Insights into closing costs; including city* and county transfer taxes, and other fees and charges. (City transfer tax rates vary from city to city.).
- **Community Resources**: Information about local schools, amenities, activities, clubs, pickleball groups, golf courses, community events, charitable organizations, and neighborhoods to help you settle in.
- **Post-Purchase Support**: Continued support long after the purchase, including recommendations for contractors and maintenance services, interior designers, architects, plumbers, electricians and handymen; to financial planners, acupuncturists, chiropractors, urgent care centers, doctors, dentists and more. The list is endless. These benefits can enhance your home-buying experience and provide added value beyond the property itself.
Seniors In Transition
Downsizing Made Simple: Supporting Seniors Through Life’s Next Chapter
For over 30 years, we’ve helped seniors and their families navigate one of life’s biggest transitions—downsizing and moving into a new chapter with ease. From planning and organizing to handling the heavy lifting, our dedicated team takes care of every detail so you don’t have to. Whether you’re preparing for a move or simply thinking ahead, starting early can make all the difference. Let us make the process seamless and stress-free.
Where Do You Begin?
The thought of downsizing can feel overwhelming. A lifetime of memories, cherished possessions, and sentimental belongings—what stays, what goes, and how do you decide?
You may be wondering:
- Where do I start?
- What do I do with all of my things?
- My children live far away—who will help me?
Many seniors find this time to be isolating, especially as family members are busy with their own lives. That’s where we come in.
You’re Not Alone—We’re Here to Help
We provide a clear, compassionate plan to ease your worries and simplify the process. Our team walks you through every step, just as we have for so many others. And if you’d like, we can even connect you with past clients who can share their experiences.
Whether you’re planning for yourself or assisting a parent or grandparent, know that you are in good hands. Our kind and qualified team understands the emotional and logistical challenges of this transition. We are here to lighten the load and make this next chapter a positive and empowering experience. Let’s start the conversation. Schedule a call today—we’re here for you every step of the way. Debbi DiMaggio | 510.414.6777 | SeniorsNextChapter.com
You’re Invited: Join Us on May 10th from 11-1:30PM | Panel and Workshop for Seniors and those Supporting Seniors
- Debbi DiMaggio, DiMaggio Betta Group, Real Estate Advisors for the Generations
- Kimberly Sweeney, Moving Angels | Certified Senior Move Manager, Collectibles Advisor
- Laura Klein, Spruce Home Advantage
- Liz Lummis O’Neil, New York Life Insurance Company (Long Term Care Insurance)
- Isaac Kim, Wealth Management | Tax Deferred Exchange
- Esther Kestenbaum, Preferred Placement
- Mele Shavers | Authentic Home Care (Aging In Place)
- Zach Griffin, Mortgage Consultant
- Shane Barnard, Trust Law
Sponsored By: Dylan Sanders, AMS Relocation | Bekins Moving Company, Experts in Moving Older Adults
Debbi DiMaggio is an accomplished author and a seasoned real estate expert with a passion for helping clients navigate the complexities of the real estate market. With over 30 years of experience in luxury real estate, Debbi has earned a reputation for her insightful approach and dedication to client satisfaction.
She believes in the importance of building genuine relationships to create lasting connections and trust with her clients in both her writing and real estate endeavors. When she’s not selling homes or writing, Debbi enjoys traveling, meeting new people, and her charity work with UCSF Benioff Children’s Hospital Oakland and Race to Erase MS. Connect with Debbi at 510.414.6777 | DiMaggioBettaGroup.co | SeniorsNextChapter.com
Transferring Your Tax Basis
Transferring Your Tax Basis in California: What You Need to Know
If you’re a homeowner in California, you may be able to transfer your property tax basis to a new home, thanks to Proposition 19. This can result in significant tax savings, especially if you’ve owned your home for many years and have a lower assessed value.
Understanding Proposition 19
Proposition 19, which took effect in April 2021, allows eligible homeowners to transfer their property tax basis to a new home under certain conditions. This means that if you qualify, you won’t have to pay property taxes based on the current market value of your new home but instead retain the lower tax basis from your previous residence.
Who Qualifies?
To transfer your tax basis, you must meet one of the following criteria:
- Be 55 years or older
- Be severely disabled
- Be a victim of a natural disaster or wildfire
Key Benefits of Proposition 19
- Transfer to Any County in California: Unlike previous laws that limited transfers to select counties, Proposition 19 allows transfers anywhere in the state.
- Up to Three Transfers: Homeowners 55+ or disabled can transfer their tax basis up to three times in their lifetime.
- Move to a More Expensive Home: If your new home costs more than your original one, you can still transfer your tax basis, but the difference in value will be added to your new assessment.
How to Apply
- Purchase or identify your new home within two years of selling your previous home.
- Complete the required forms with your county assessor’s office.
- Submit documentation proving your eligibility (e.g., age verification, disability status, or proof of loss due to a disaster).
- Await confirmation from the county assessor regarding your adjusted tax basis.
Maximizing Your Savings
For those looking to downsize or relocate within California, Proposition 19 provides an excellent opportunity to maintain lower property taxes while moving into a new home that better suits your needs.
If you’re considering a move and want to explore how transferring your tax basis can benefit you, reach out to our team at the DiMaggio Betta Group. We’re here to help guide you through every step of the process!
For personalized real estate advice, contact us today at www.dimaggiobettagroup.co!
Here are a few helpful links:
East Bay Parks and Rec
A List of A Few Parks and Recreation for You To Enjoy. Ask us about others around the Bay Area, as there are many to choose from.
Mt Diablo
Sibley
Lafayette Resevoir
MacDonald Trail, Parkridge Trailhead
Oakland Hills Swim and Tennis Club
Piedmont Stables, 6525 Redwood Rd
Woodminster Summer Musicals
Chabot Space & Science Center
Roberts Regional Recreation AreaJoaquin Miller Park
Huckleberry Botanic Regional Preserve
Reinhardt Redwood Regional Park
Piedmont Park
Piedmont Rec Center
Piedmont Center for the Arts
For a tour of our vibrant neighborhoods in the East Bay, reach out to Debbi DiMaggio or Adam Betta.
The Holiday Edit
Season of Giving
Don’t miss out … Season of Giving with Corcoran Icon Properties in Piedmont.
Move your feet, before you eat at the Piedmont Turkey Trot.
Breakfast with Santa, December 7th from 10:30-12:30PM
Bring an unwrapped toy to support the Piedmont Fire Department, Toys for Tots Drive
And, or Virtual Food Drive and Build Day with Give Back Homes.
Let us know how the DiMaggio Betta Group can make your season bright. We are helping our clients and friends donate what they do not need any longer. Please reach out and we will pick up your donations. 510.414.6777 Debbi.DiMaggio@corcoranicon.com
Corcoran Partners with Spruce Home Advantage to Help Sellers Increase the Value of Their Home
Corcoran Icon Properties has partnered with Spruce Home Advantage, a comprehensive pre-sales home renovation company, to enhance the selling potential of your home. Together, we provide a variety of services aimed at increasing your home’s value.
Navigating the Downsizing Journey: How The DiMaggio Betta Group Supports Seniors
Finding Support in Challenging Times: Top 10 Luxury Assisted Living Homes in the Bay Area
Here are ten of the top assisted living homes in the Bay Area, known for their luxury and high-end services, listed generally from most expensive to less expensive while covering Alameda, Contra Costa, Napa, and Sonoma Counties:
