We decided we'd like to transfer ownership to our children so we can help them avoid the new Proposition 19 law that requires property tax reassessment upon inheritance.

These entities include: Publicly traded companies meeting specified requirements- you know those on the stock marketMany nonprofits but not all- the not for profit has to be approved, filed, and registered with IRS and the state.Certain large operating companiesOther entities that are exempt from BOI reporting include: Sole proprietorshipsUnincorporated associations such as HOA'sEstatesFamily trusts includes Revocable Living TrustsNatural persons opening accounts on their own behalf a human who uses their real nameTrusts (other than statutory trusts created by a filing with the Secretary of State or similar office)Authorized users for credit cards, your children on your VISA card I wrote 50 times to vest in Living Trusts and save the filing costs, keeping money separate, and paying for extra tax returns and attorney fees.

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

@Owen Schwaegerle @Deanne Bourne @Bob EvansProp 19 is going to drastically change property tax rules in California and many children will likely find themselves with much higher property tax bills upon inheriting a property from a parent.

to the second question.Once the child/ren moves out, it will get reassessed.

Prop 19 is pretty limiting now with allowing children to retain a parent's assessed value for real property. 

@Rob K. response seems very good, but I want to add that one of the two proposed prop 13 amendment initiatives (prop 19) eliminates the Prop 13 tax bases transferring to children and grandchildren if the unit is not the primary residence (I.e. rentals and vacation/second homes).  

I told my tenants I wanted to sell and of course they wanted to prolong their move until July due to the children schooling/hassle of moving.

I have a lot to learn but I'm doing this to break generational curses and leave a piece of the pie for my children and retire early. :)

However familial transfers other than parents to children and grandparents to grandchildren are not exempt from reassessment (and further limited by Proposition 19).Assessor will review trusts.