When it was approved by voters in 1978, Proposition 13 brought lower real property taxes for owners of residential, commercial and farm properties throughout California. It accomplished this through a rollback of property values to 1976 levels and a limit on annual increases in property taxes. A recent effort in the legislature to push forward...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

The generosity of Americans is borne out by the more than $410 billion they donate annually to charitable causes and organizations. Most of those donations, about 70 percent of them, come from individual donors. People have their individual reasons for making charitable donations, but one of them might be reducing the amount of taxes payable...Read More

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