Understanding Hidden Assets, Trusts, and LLCs in Divorce Battles
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Understanding Hidden Assets, Trusts, and LLCs in Divorce Battles

The Wall Street Journal (Candace Taylor) 09.24.24, published the article “Secret Trusts, a Bitter Divorce and the Battle Over One of America’s Biggest Homes.” The article is regarding the Pritzker estate, a 50,000-square-foot property in the hills above Los Angeles (one of the largest private homes in the country). It is at the center of…

What Happens to Real Estate With a Mortgage When the Owner Passes?
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What Happens to Real Estate With a Mortgage When the Owner Passes?

Debt does not simply go away when the debtor passes, which is true of a mortgage. Therefore, the beneficiaries will inherit the property and the existing debt if a home still carries a loan. Various situations may arise, contingent upon the specific terms of the mortgage. For example, beneficiaries may take over the mortgage or…

Garn-St Germain Act Exceptions

Garn-St Germain Act Exceptions

The Garn-St Germain Act was passed in 1982 and signed into law by President Ronald Reagan. The act was implemented to help the loan industry, which was struggling with inflation and high interest rates. It allows lenders to enforce contracts, such as mortgage agreements, that contain due-on-sale clauses. They can be enforced even if the…

The ULA Tax and What It Means for You

The ULA Tax and What It Means for You

The ULA Tax April 1st, 2023, marks the day California’s housing bill, United to House L.A. (ULA), takes effect. The housing bill was created to fund more affordable housing to decrease homelessness in California. However, with this bill comes a much higher sales tax on property that exceeds $5 million dollars in value.  What Does the…

Prop 19 Is In Effect. Is There Still Time To Avoid Reassessment?

Prop 19 Is In Effect. Is There Still Time To Avoid Reassessment?

The good news? There still may be hope for those who missed the boat on planning before Prop 19 became effective! Prior to February 16, 2021, real property was reassessed at market value if it was sold or transferred, and often times property taxes increased dramatically as a result. After February 16th, passing real property…

Did You Complete the “Homeowner’s Exemption” on Your Residential Property Tax Bill?

Did You Complete the “Homeowner’s Exemption” on Your Residential Property Tax Bill?

Under Prop 19, the “HomeownersExemption” Allows for Reduction in Property Value for Tax Purposes We have received numerous calls on how the recently passed Proposition 19 will impact residential property taxes when handed down to children and beneficiaries. In response to these questions and more, Partner, estate planning attorney and tax planning attorney, R. Zebulon…

PROPOSITION 19: There’s a Narrow Window to Beat the Increased Property Tax

PROPOSITION 19: There’s a Narrow Window to Beat the Increased Property Tax

The Pros & Cons This November, California voters approved Proposition 19, which expanded some property tax exemptions for people 55 and over, but also increased property taxes in many future property transfer situations when there is a death in the family. The quick recap is there are some property tax PROS for eligible homeowners to…

Tax Cuts and Jobs Act of 2017
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Tax Cuts and Jobs Act of 2017

By R. Zebulon Law, Esq. LL.M., CPA This morning (December 22, 2017), President Trump signed H.R. 1, the Tax Cuts and Jobs Act.  This is the most significant tax legislation in 30 years, and we wanted to share some of our initial impressions and observations with our clients and friends. Probably the most signification change…