PROPOSITION 13 REASSESSMENTS ON PROPERTIES HELD IN LEGAL ENTITIES

by Evan Ferini | Nov 21, 2023 | Agriculture Law, Estate Planning, Real Estate Law

PROPOSITION 13 REASSESSMENTS ON PROPERTIES HELD IN LEGAL ENTITIES Today, many people are generally aware of California’s Proposition 13, and its limitations on property taxes. Also, many people today choose to own real estate inside of a legal entity for the personal...

Gift Tax

by Christian Salgado | Aug 1, 2023 | Estate Planning

WHAT IS GIFT TAX? The Internal Revenue Code (“IRC”) imposes a gift tax on transfers of assets to an individual other than a spouse or dependent when such transfers exceed a specified amount – often referred to as an annual exclusion amount. Similar to the estate tax...

COST BASIS RULES: JOINT TENANCY

by Evan Ferini | Jun 1, 2023 | Estate Planning

COST BASIS RULES: JOINT TENANCY  When someone inherits an asset, it can be difficult to understand what their potential tax liability will be, especially if they already owned an interest in that asset. In this article, we are going to discuss what California...

Conservatorships in California – Article Six – Breach of Fiduciary Duty Claims

by Diana Alcala | May 1, 2023 | Estate Planning

This article is the sixth in a series of articles designed to educate and inform the reader on the general concepts of conservatorships, when they may be necessary, and the considerations made by the court in establishing them. As discussed in previous installments,...

Estate Tax

by Christian Salgado | Apr 1, 2023 | Estate Planning

WHAT IS ESTATE TAX? In the United States, there is a federal estate tax (sometimes called a death tax), which is imposed at a person’s death on the transfer of assets. When an estate’s value at the time of death exceeds a limit set by law, which changes...

Conservatorships in California – Article Five – Termination of a Conservatorship

by Diana Alcala | Jan 1, 2023 | Estate Planning

This article is the fifth in a series of articles designed to educate and inform the reader on the general concepts of conservatorships, when they may be necessary, and the considerations made by the Court in establishing them. As discussed in previous installments,...