While Prop 19 was originally promoted as a way to help seniors and wildfire victims relocate without tax penalties, it also narrowed the long-standing tax benefits for inherited properties. Over the past five years, the law has evolved further through inflation adjustments and other procedural updates.

Proposition 19 - The Home Protection for Seniors, Severely Disabled, Families and Victims of Wildfire or Natural Disasters Act, will relieve some of the increased financial burden as a result of moving to a more expensive home. However, the framers of Prop 19 offsets this tax savings with a potentially significant tax increase to children who inherit a home.

Before disaster strikes, prepare your finances with these six tips for financial preparedness in the wake of a natural disaster.

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