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Taxation

Taxation California Bill (SB 378) Seeks to Impose Estate Tax

A bill before the California legislature seeks to impose an estate tax of 40% on the net value of a decedent’s estate in excess of $3.5 million, with a credit for all federal estate taxes paid by the estate. Background In 2017, as Congress debated legislation that ultimately became the Tax Cuts and Jobs Act, […]

Taxation and Trusts & Estates How the New Tax Act Could Affect Your Estate Plan

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 […]