I have written in the past how either limited liabilities company (“LLC”) or limited partnership (“LP”) interests do not qualify for the parent child exclusion of $1million assessed value of non-residential real property. If you want to utilize the parent-child exclusion, the real property must be distributed out of the LLC or LP in order […]
Stuff happens. An estate plan that looked good 10 years ago may not be good today. Given the significant increase in the “applicable exclusion amount” for federal wealth transfer taxes up to $11,180,000 for an individual, as well as the federal and California combined highest capital income tax rates (federal 20% and 3.8% + CA […]
It is not uncommon for parents to make loans to their children. Interestingly, gifting of the loans later on can be beneficial for everyone. A recent article written by John O. McManus explains how the planning can be accomplished and the proper documentation to achieve the overall success for the family to shift wealth. Why […]