California taxpayers made their voices heard in 1978 when they went to the polls and approved Proposition 13. Under Proposition 13, property taxes are limited to one percent of the assessed value. Additional property taxes may be approved for schools or local projects, which can vary amongst communities and bring the tax rate higher than...Read More

The ballot on Election Day 2020 could ask California voters to authorize a new estate tax if a pending proposal is approved by the state senate. Senate bill 378 targets intergenerational transfers of assets by imposing a 40{b2882cad84bd77ee25ab8b8b9d1b0566021dcc5c7d8a30d0e639a0635fa20cc0} tax on the estates of residents who die as of January 1, 2021, or after. The proposed...Read More

The passage of Proposition 13 in 1978 established an initial base year, 1975-76, for assessed valuation for California real property that had not undergone a change in ownership since February 1975. Under Proposition 13, property taxes are limited to one percent of the assessed value of the property. Additional property taxes may be approved for...Read More

The Tax Cuts and Jobs Act signed into law last year did not include the hoped-for repeal of the federal taxation of gifts and estates. Instead, Congress opted to increase the Basic Exclusion Amount, which effectively eliminated gift and estate taxes for most people. The effect of the increase in the BEA has been questioned...Read More

It’s probably safe to assume that most young adults are more concerned about pursuing their education or planning careers than they are about estate planning. The notion that estate planning is only for older adults with substantial assets to pass on to their heirs ignores the importance of having control over all aspects of your...Read More

Wine and California seem to be synonymous, so you might be familiar with decanting as a method of improving wine by pouring it from its bottle into a decanter. The process allows you to separate the sediment from older wines or to improve the development of newer wines by allowing them to mix with oxygen....Read More

One of the aspects of being a celebrity is the impression that you “have it all.” Unfortunately, while fame does usually bring financial security that can last generations, recent cases have shown us just how many stars make huge mistakes when it comes to estate planning. Many of these blunders were preventable with some simple...Read More

The recent shocking death of culinary star Anthony Bourdain is a tragedy on many levels. While the people who personally knew him best such as his family and friends are suffering from his unexpected passing, he also enjoyed a sizable fanbase which is also emotional over his death. Bourdain emerged on the public radar in...Read More

The modern estate tax dates back to 1916 when it was imposed at a rate of 10{b2882cad84bd77ee25ab8b8b9d1b0566021dcc5c7d8a30d0e639a0635fa20cc0} on the portion of estates above $50,000. Over the following years, the rates and exemption amounts varied, reaching a high of 77{b2882cad84bd77ee25ab8b8b9d1b0566021dcc5c7d8a30d0e639a0635fa20cc0} with a $60,000 exemption amount from 1941 to 1976. In 2001, Congress passed the Economic Growth...Read More