California capital gains on out of state family farm Wife owns 33% of a family farm in Texas and kids each own around 8.5% in trusts established in Texas. Family is contemplating a move to the Bay Area where it is desired that children and father (who owns no land) become residents at the least in order to qualify for in state UC tuition.
Question: Can the CA capital gains be avoided should the property be disposed of while in residence in the state? Are any constructs available to shield the proceeds? What if the family moved back to Texas prior to a sale? What if the wife stayed "domiciled" in Texas?
Any help is greatly appreciated. |