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
The Setting Every Community Up for Retirement Enhancement Act of 2019 became effective on January 1, 2020, but you may have heard or read about it as the SECURE Act. The federal legislation could significantly affect your retirement accounts and estate planning, so it pays to get acquainted with its provisions to determine how it...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
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
