Restoring Prop 58: The Howard Jarvis Taxpayers Association’s Initiative to Repeal Prop 19
At Botti & Morison, we are committed to keeping our clients informed about the latest developments in estate planning and tax laws. The recent changes brought about by Prop 19 have had significant negative impacts on estate planning for our clients. Virtually every one of our clients regrets that Prop 19 has passed. Our clients want to know what can be done about it. What follows is what can be done by you. The Howard Jarvis Taxpayers Association (HJTA) is taking a significant step to address these issues with an Initiative Constitutional Amendment set for the November 2024 Ballot. Following, ... Read More
To A/B, or Not To A/B, That is the Question
Most revocable living trusts for married couples, established prior to 2018, require that the trust be divided into two or more “sub-trusts” upon the death of the first spouse. This is for federal estate tax or “death tax” planning purposes. These trusts are known as A/B or A/B/C Trusts. They were designed primarily to reduce or eliminate estate taxes by preserving the federal estate tax exemption (the value of assets which can pass free of tax) of the first to die. An A/B Trust works like this: Upon the death of the first spouse the B Trust is funded ... Read More
