This amendment to the California Constitution passed in the November election, expands property tax savings for homeowners over 55, or who are severely disabled or victims of natural disasters (including wildfire). When purchasing a new home, these owners may now retain their original property tax assessment. However, Proposition 19 severely limits the property tax exclusion […]

The upcoming November election may bring tax changes that impact your estate planning. Tax increases may be needed to raise revenue, including for the COVID-19 federal stimulus spending. Estate and Gift tax increases would surely be considered because they mostly affect wealthy taxpayers, and not those struggling due to the pandemic and its economic impacts. […]

We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19. Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. This is an update on the tax-related provisions in the Coronavirus Aid, Relief, […]

The IRS has issued final regulations that should provide comfort to taxpayers interested in making large gifts under the current gift and estate tax regime. The final regs generally adopt, with some revisions, proposed regs that the IRS released in November 2018. The need for clarification The Tax Cuts and Jobs Act (TCJA) temporarily doubled […]