The Inflation Reduction Act, passed in August of 2022, brought some major changes to how the IRS will operate moving forward. This new law has the potential to make a big impact on business owners, via the addition of both corporate and individual taxes, as well as an increase in IRS funding aimed at shoring up its enforcement efforts. To start, the IRS received several billions of dollars in funding, including Read More

When two parties enter into a stock or asset purchase agreement, clearly outlining their understanding of the transaction is essential in order to make the deal work. Properly defining “knowledge” in a purchase agreement is one way to accomplish this. By defining terms and providing an understanding of the subject matter of the contract, the parties can garner a better understanding of what to expect in their Read More

If you are interested in controlling when you pay capital gains tax on your assets, a charitable remainder unitrust (CRUT) may be a good option for you. A CRUT allows you to donate assets and receive income from the donated assets for life or a set number of years. After the end of your life or the specified term (up to 20 years), the assets are transferred to a charity of your choice. CRUTs also allow for a "net Read More

When it comes to estate planning, most people think about trusts first and foremost. A trust is a great way to protect your assets, save on taxes, and avoid probate, but there are several different types to choose from. Two of the most useful charitable trusts are the charitable lead trust (CLT) and the charitable remainder trust (CRT). In this article, we’ll take a look at the differences between a CLT and a CRT to Read More

For those who own property in multiple countries, an international will can be a great solution to handling your estate planning needs across borders. An international will, however, isn’t a standardized practice between countries - as such, you’ll need to be careful in how your will is created in order to ensure its efficacy in both California and a foreign country. Over the years, there have been a number of Read More

Many people are not aware of the benefits that an LLC can bring to reduce their taxable income on their personal residence that you intend to turn into a rental property. While this method can bring you some great capital gains tax savings, there are a few things to keep in mind before making the decision. First, you’ll need to sell your primary residence to an LLC that you own on an installment note. This will Read More

A Heggstad petition can be a very helpful tool for a trustee or beneficiary. When used in conjunction with a General Transfer Document and Pour-Over Will, these documents can provide a safe method to prevent a loved one’s estate from entering probate due to assets that are not funded (transferred to) their trust upon death. The Heggstad petition allows a trustee to transfer assets that are not in a trust upon Read More

Probate is a process by which a court oversees the distribution of an estate because the deceased person did not have an estate plan, or some assets were not accounted for in an estate plan, and is often expensive and time-consuming. If you have a trust, however, it could keep your estate from going through probate. In fact, if you have a trust alongside a General Transfer Document and Pour-Over Will, you’ll likely Read More

Soaring gas prices have become a pain point for almost everyone. Thankfully, the IRS has taken action to provide relief to those who are affected the most. If you’re self-employed or otherwise eligible to deduct your work mileage, this rate change could save you plenty of money on your taxes this year. The Internal Revenue Service has increased the mileage deduction rate from 58.5 cents per mile to 62.5 cents per Read More

Many entrepreneurs are not only focused on their business, but also on the people surrounding them. If you’ve ever felt the impulse to support a cause or give back to an organization, that’s great! However, you should consider giving back from your business account rather than your personal account. Right now, the money you give to a charity from your personal funds is called an itemized deduction. These deductions Read More