Some people with substantial wealth have been hesitant to take advantage of the increase in the estate and gift tax exemption included as part of the 2017 Tax Cuts and Jobs Act. Questions about whether the Internal Revenue Service would clawback gifts to increase the size of estates once the exemptions revert to pre-TCJA levels...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 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