Los Angeles is known for being one of the most affluent areas in the country, but more recently, it has also struggled with its high rate of homelessness. To address concerns surrounding housing affordability and a widening wealth gap, the city proposed Measure “United to House LA” (ULA), which has become known as the “mansion
A trustee takes responsibility for managing money and assets set aside in a trust for the benefit of another person. Along with this financial responsibility comes tax duties. A trustee must file complete and accurate tax returns and pay taxes when they are due. Here are a few things for a trustee to keep in
The state and local tax (SALT) deduction permits taxpayers who itemize when filing federal taxes to deduct certain taxes paid to state and local governments. However, the 2017 Tax Cuts and Jobs Act imposed a $10,000 SALT itemized deduction limit. This affected California in particular because of the high-income tax rates in the state. What
As the holidays are fast upon us, many are concerned with ensuring they have the perfect gifts for their loved ones. However, gifts are not only the wrapped goodies left under the tree or on a loved one’s doorstep – they can be a great estate planning tool as well! Annual Exclusion Current 2021 law
California has enacted AB150, joining the growing list of states implementing a workaround on the current $10,000 cap on state and local tax deductions. A Little Background In 2017, as part of the Tax Cuts and Jobs Act (TCJA), Congress greatly limited the ability of taxpayers to deduct their state and local taxes (SALT). In
By R. Zebulon Law, Esq. LL.M., CPA & Christina M. Chan, Esq. On December 22, 2017, President Trump signed H.R. 1, the Tax Cuts and Jobs Act. Part of the law concerns the estate tax exemption limit, which has doubled from $5.6 million to $11.2 million per person. The new estate tax exemption limit is effective
By R. Zebulon Law, Esq. LL.M., CPA This morning (December 22, 2017), President Trump signed H.R. 1, the Tax Cuts and Jobs Act. This is the most significant tax legislation in 30 years, and we wanted to share some of our initial impressions and observations with our clients and friends. Probably the most signification change
Dear friends, family and clients: We wanted to make you aware of a recent legislative change that will go into effect in the new year. The California State Senate passed the Building Homes and Jobs Act (SB-2). The bill’s purpose is to provide funding for affordable housing in California, it will be funded by an