It is probably safe to assume that one of the factors behind the passage of Proposition 19 by California voters was the promise that doing so would give older homeowners the ability to retain their lower property tax base on a residence by transferring part of it to a newly purchased residence. Also included in...Read More

The SECURE Act of 2019 significantly changed the rules applicable to inherited Individual Retirement Accounts starting on January 1, 2020, for beneficiaries other than the surviving spouse and some limited special circumstances. For most non-spouse beneficiaries, the IRA must be distributed to the beneficiary no later than 10 years from the date of the IRA...Read More

The Tax Cuts and Jobs Act increased the estate and gift tax exemption to its current level of $11.58 million for a single individual and $23.16 for a married couple. If you have not considered taking advantage of the opportunity to reduce the size of your taxable estate by gifting away assets during your lifetime,...Read More

Supporting a favorite charity or philanthropic organization during your lifetime and/or after your death can be accomplished in several ways. A previous article discussed the benefits of private foundations and donor-advised funds. Determining the best strategy for charitable giving that takes into account estate tax considerations should begin with a consultation with your estate planning...Read More

Taxation of irrevocable trusts has always been complicated, but in recent years the level of complication has increased due to state tax laws being passed that attempt to bring trusts within a state’s tax reach that previously would not have been subject to such tax.  Trusts generate more than $120 billion in earnings every year,...Read More