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President Trump signed into law H.R. 1, which has a major impact on estate planning. The new law doubled the federal exemption for estate tax, gift tax and the tax on generation-skipping transfers (GST), starting January 1, 2018; the lifetime exemption for each of these taxes is now $11.2 million per taxpayer. Married couples together […]
Tim Lappen and Scott Loresch wrote an article for Petersen Automotive titled “Is Private Aviation a Taxable Fringe Benefit?” in 2017.
Jamie Ogden’s article “Important tax news for owners of Partnerships and LLCs” was republished by Hotel Online.
On June 13, 2017, the Treasury Department republished Proposed Treasury Regulations regarding the new partnership audit regime enacted as part of the Bipartisan Budget Act of 2015. Generally, the new partnership audit rules will be effective January 1, 2018. As a result of the new partnership audit regime: (1) individuals and/or entities that were formerly […]
In the May 2017 issue of Los Angeles Lawyer, JMBM tax attorney Brad S. Cohen writes about Tax and Estate Planning for Postmortem Celebrity. “Does a studio have the right to use a celebrity’s image after his or her death? If so, is there any way to plan ahead to avoid the misappropriation of a celebrity […]
Gordon Schaller’s and Eric Bardwell’s article, “Double Whammy: Federal Estate Tax Repeal Could Substantially Increase Tax For California Residents” was published in the LISI Estate Planning Newsletter.
With all of the talk about potential repeal of the federal estate tax1, many people have decided to postpone further estate planning, hoping that the repeal will occur. However, Californians should hold out no such hope. On February 21, 2017, California State Senator Scott Wiener announced a ballot measure, Senate Bill 726, that would create […]
Eric Bardwell and Gordon Schaller’s blog article was featured by Wealth Strategies Journal and the Real Property Trust and Estate Law eReport.
The U.S. government continues to pursue aggressively individuals and businesses for the failure to report foreign accounts and other non-U.S. assets. In particular, and with limited exceptions, all U.S. individuals and entities that own, control and/or have signature authority over foreign bank accounts must disclose annually to the U.S. Department of Treasury the existence of […]
Megan Earhart co-wrote the article “New Rules for Basis Consistency Reporting of Inherited Assets” published in Los Angeles Lawyer.
