First, assuming the property is or was held in parent's trust, the successor trustee and transferee(s) need to file for a parent/child exclusion to avoid reassessment.

If I had my properties in a Wyoming LLC for anonymity and the property can't be traced back to me as the parent, aren't my kids inheriting this property through a business, the LLC (losing the parent-child transfer)? 

Prop 19 gets rid of the parent-child exclusion in a huge way that will hurt long term real estate investors. 

If you want to inherit former tax base from parent to child help us #FiXProp19 by #RepealTheDeathTax.

The step-up in basis allows children who inherit property upon their parent’s death to sell the property and avoid paying capital gains tax on its appreciated value.

@Ryan Espinosa Newly passed Proposition 19 will have potentially severe financial consequences for children inheriting property from their parents.

They call this the parent-child (intergenerational) transfer exclusion. 

Holding a home in joint tenancy with a spouse, the surviving spouse retains the original cost basis on 50% of the home instead of getting a step-up in basis on the entire homeIf you own a home with your child as joint tenants, your child will only receive a step up in basis on your half of the value of the home when you die, this is another complex layer...

@Chris McKay I have been researching some more plans and I came up with starting a holding company LLC as a parent company for each of the subsidiary LLCs that will on their own protect each property separately with this I will also be able to utilize an S-Corp which will be attached to my Holding Company LLC and each subsidiary LLC will transfer the funds into the Holding Company LLC to cut down on my self-employment taxes by paying myself a W-2 along with dividend distributions paid out to the owner aka myself throughout the year.

hello,I am new to the forum but have been listening to BiggerPockets for awhile now, and have been having a hard time figuring out a successful route on developing a multifamily project on a property my family owns. the last couple of years there were develops that purchased three properties in our back yard and they are looking to develop a pretty good size multifamily units and now my parents are worried about privacy when that happens.