Article Summary You keep the parent-to-child exclusion under Proposition 19 only when the transferred home becomes your child’s primary residence. You face partial or full reassessment once the property’s market value exceeds the taxable value by more than $1 million. You should expect rental homes, second homes, and other non-owner-occupied properties to reset to the current market value at transfer. You need to Read More

Article Summary: A Section 645 election allows a qualified revocable trust to be treated as part of an estate for federal tax purposes. The election streamlines reporting by combining filings and offers added flexibility, including fiscal year options and expanded deductions. In periods of market decline, this tool can help manage cash flow, reduce administrative costs, and preserve estate value. Executors and Read More

Article Summary A Bridge Trust® is a dual-structure trust that uses U.S. grantor-trust law for tax compliance and Cook Islands law for asset protection. You remain fully transparent to the IRS. All income is reportable. There is no tax shelter or secrecy component. Creditor protection comes from jurisdiction, not hiding assets. U.S. judgments are not automatically enforceable under the Cook Islands statute. Timing Read More

The California real estate market offers magnificent opportunities to create a highly profitable real estate portfolio, but the legal landscape here also creates unique challenges. One notable issue involves the treatment of real estate professional status (REPS), which California handles differently than the federal government and many other states. These differences can lead to financial implications that investors Read More

Estate planning is a crucial element of long-term financial success and establishing an effective succession plan. Your legacy will be impacted by the decisions you make and how you prepare your assets and accounts to transition down the line. For many people, estate planning is complicated by the availability of beneficiary designations on various accounts – both designating your trust, and outside of your estate Read More

Executive Summary IRC 7216 and Treas. Reg. §301.7216-3 strictly limits when and how tax return information may be disclosed or used.  CPA firms hiring non-employee or offshore preparers must obtain compliant, standalone taxpayer consents using mandatory language.  Failures can trigger criminal and civil penalties, making consent structure a core risk-management issue. If you are scaling your CPA firm, you Read More

Article Summary: A durable power of attorney takes effect immediately and allows an agent to manage personal and business-related personal matters without delay, supporting continuity when an owner is unavailable. A springing power of attorney becomes effective only after incapacity is established, which can introduce delays while medical determinations are made and shared. In most estate plans, business interests Read More

Article Summary: Certain residential property transfers to LLCs, Trusts, or partnerships must now be reported to FinCEN. Your existing entity-owned property is not affected unless you make a new transfer. You must disclose both entity details and beneficial owner information.  Routine restructuring can trigger reporting. Preparation is essential to avoid delays and compliance issues. If you own residential Read More

For licensed professionals, navigating the decisions surrounding business structures and their lasting implications is a crucial step toward sustained success. Professional corporations (PCs) offer a unique solution among the various options available. We wanted to elaborate on what PCs are, explore their benefits, and help you understand why they might be the right choice for many professionals. What is a Read More

Asset protection strategies require keen attention to detail and an understanding of the complex laws that govern these strategies. One critical strategy employed by savvy business owners and individuals is transferring assets into trusts, LLCs, or to other people and entities in order to avoid certain liabilities against them. However, these transfers must be legitimate and structured properly to avoid penalties Read More