California Estate Gift and Generation-Skipping Transfer Tax Proposal

California Estate, Gift and Generation-Skipping Transfer Tax Proposal

Dear Friends, Colleagues, and Clients, On March 25, 2019, the California Senate introduced Senate Bill No. 378 (SB-378). SB-378 proposes an estate, gift and generation-skipping transfer tax of 40%, an amount equal to the tax imposed at the federal level.[1] This tax would include a lower $3.5 million basic exclusion for individuals and $7 million for married couples (which shall not be adjusted for inflation.) Additionally, the taxpayer is allowed […]

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Never Judge a Book by Its Cover

“He has offshore bank accounts.” When you hear this phrase, what is your gut reaction? For those of us who consume the news, read John Grisham novels or watch TV, when we hear “offshore bank accounts,” our guts scream “tax evader!” or worse. We think a bad guy is hiding assets. We think mafia, drug running, embezzlement, assassins, Ponzi schemes, white collar criminals, lengthy trials, and jail time. The media […]

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