Why You Should Make Gifts Well Before the Expiration of the TCJA in 2025 — Preserving Your $14 Million Lifetime Gift and Estate Tax Exemption

The Tax Cuts and Jobs Act (TCJA), passed by Congress in 2017, introduced a number of sweeping changes to tax laws, one of the most significant being the substantial increase in the lifetime gift and estate tax exemption. Currently, this exemption allows individuals to transfer significant amounts of wealth—either during their lifetime...

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How California’s Proposition 19 Interferes with Gift-Giving of Real Estate from Parents to Children

California’s Proposition 19, which took effect on February 16, 2021, has drastically altered the landscape of real estate inheritance and property transfers within families. For years, California families could pass down homes from parents to children while retaining the same low property tax assessments, allowing heirs to enjoy the benefits of relatively...

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The Connelly Case: A Wake-Up Call for Small Business Owners with Buy-Sell Agreements Funded by Life Insurance

Connelly vs. Internal Revenue Service: A Critical Legal Development for Small Business Owners

Small business owners often rely on buy-sell agreements to ensure the smooth transition of ownership upon the death of a partner. These agreements, commonly funded by life insurance, provide a vital safety net, ensuring...

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