ince the adoption of Proposition 13 in 1978, many long-time income property owners have benefitted greatly from property tax assessments that have grown more slowly than market values. This has given them property tax savings frequently equal to 20-30%, or more, of cash flow before property taxes. However, when you pass that property to heirs,…
Today, estate tax exemptions probably protect 99+% of American families from the risk of transfer taxes (death taxes, gift taxes and generation skipping taxes). But, if there is a change of control after the 2020 election, or if control changes later, all of that will probably change dramatically for the worse for many thousands of…
Sound estate planning is not just about taxes, although that is often the “hazard” that motivates apartment owners to do, or update, their estate planning. Instead, it is really about taking care of everyone you love and everything you own. Of course, the tax component of good estate planning means there can be more wealth to take…
California apartment owners should have cheered the Tax Cut and Jobs Act (“TCJA”) provisions that doubled Estate and Gift Tax Exclusions beginning in 2018. For many apartment owners, these provisions increased the Exclusion to $11.58 million for a single person, and $23.26 million for a married couple in 2020. Unfortunately, the doubling was only temporary,…