Uncommon Trusts

June 13, 2022By Richard Umanoff

In our last article in this series, we covered the different types of trusts that can be established. In this article, we’ll discuss uncommon trusts that can be utilized. Other Trusts That Can Be Established Blind Trust The trustees of a blind trust manage the assets in the trust without the beneficiaries’ knowledge. The beneficiaries Read the full article…

Fiscal Year 2023 Revenue Proposal: How Does the Biden Administration’s Proposal Impact the Real Estate Industry?

May 19, 2022By So Sum Lee

Recently, the Department of Treasury released the General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals. The proposals are built around the Build Back Better Act, passed by the House of Representatives on November 19, 2021, but were stalled in the Senate. If you are in the real estate space, it is important to Read the full article…

Types of Trusts

May 11, 2022By Richard Umanoff

In the last article in our series, we covered the benefits a trust offers for creators and beneficiaries. In this article, we’ll dive into more detail about the types of trusts that can be established and the pros and cons. Types of Trusts Revocable Trusts Revocable trusts (living trusts) can be changed or canceled at Read the full article…

AB150 Update – What do I do Now?

February 25, 2022By David Troost

As previously communicated, recent updates to the State and Local Tax (SALT) workaround issued by the State of California, clarified some of the more troubling provisions of this law. This update should allow taxpayers to take advantage of the new deduction opportunity. The election and payment for 2021 are due by March 15th. The deduction Read the full article…

More on the State Tax Deduction Workaround (AB 150)

December 22, 2021By Phil D'Amico

Over the weekend, we received clarification regarding a couple of the many unanswered questions regarding the implementation of the State Tax Deduction Workaround. First, we are being advised that a Grantor Trust is eligible to participate in making the election to pay tax on a partnership/LLC or S corporation. Second, since it is unlikely that Read the full article…

Advantages of Trusts for Estate Planning

December 20, 2021By Richard Umanoff

In the first article in this series, we covered what a trust is and the type of assets you may transfer to a trust. As a reminder, a trust is a legal agreement between two parties: the trustee and the trustor (sometimes called the settlor or grantor). The trustor is the person who establishes the Read the full article…

Did You Miss Your State Tax Deduction?

December 16, 2021By So Sum Lee

If you are a shareholder of an S Corporation, partner/member of a partnership/LLC, you might be able to get some of your state tax deduction back. As you may remember, the federal Tax Cuts and Jobs Act reduced the amount of the SALT deduction individuals can claim on their federal tax return to $10,000 starting Read the full article…