Tax, Estate, Trust, Real Estate, Business and Corporate Issues

  • 199A New Regs Require Review Planning Opportunities

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    This article will focus on how to maximize an increase of a Unadjusted  Basis Immediately After Acquisition (“UBIA”) where a member or partner of an LLC or LP interest is below the estate tax exclusion amount of $11,400,000 ($22,800,000 for a married couple) under the 2017 Tax Cuts and Jobs Act (“TCJA”).  Please see the […]

  • New 199A Proposed Regs Require Review of LLC and LP Interests

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    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 […]

  • Change In Circumstances Can Require Unwinding of Out of Date Tax Planning

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    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 […]

  • Possible Income Tax Planning of Deceased Spouse Trust

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    Under the Tax Cuts and Jobs Act (“Act”) that became effective January 1, 2018, a couple can now transfer $11,180,000 each for a total of $22,360,000 until December 31, 2025. Under the old law, if it was effective today, the same couple could have transferred up to $5,460,000 each or a total of $10,920,000 at […]

  • Threshold Planning Under Tax Cuts and Jobs Act

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    I have been reviewing 2016 income tax returns with my clients, who own various types of businesses and assets.  This helps them when they meet with their accountants and CPAs for their 2017 income tax returns, to begin planning under the Tax Cuts and Jobs Act (“Act”).  The key item that I look at is their […]

  • Pass-Through Businesses and Planning Opportunities

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    Because of the complexities of the Tax Cuts and Jobs Act (“Act”) that is effective January 1, 2018 many taxpayers will not be able to take the 20% pass-through business deduction in 2018 due to improper positioning, or failure to restructure in ways that can make the deduction available. One of the main reasons deals with the […]

  • Are You Ready for New Partnership Audit Rules in 2018?

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    Beginning on January 1, 2018, if your business is taxed as a partnership you will need to file an election in order to try and avoid some of the new partnership audit rules.  There will be two types of partnerships for audit purposes.  The large partnership is one that has 100 partners and assets of […]

  • Business Succession Planning Still Important in 2018

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    In 2018 under current law, the estate and gift tax is $5.6 million for an individual and $11.2 million for a couple. However, for the closely held business, succession planning for the next generation and continuation of the closely held business is still very important. We have the first detailed plan from the House of […]

  • Loans and Gifting Planning

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    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 […]

  • What Assets Are Important to Me and My Family?


    One of the most important things that you should focus on when you meet with your accountant or CPA this tax season is to review which assets now and in the future will be the most important to both you and your family.  Recently, I attended the USC Tax Institute and a nationally known speaker […]