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Professional Legal Insights and Information
BOIR Filing
BOIR Filing New Federal Filing - Beneficial Ownership Information Report (BOIR) If you have a small business, no matter when it was created, there is a new Federal report, the Beneficial Ownership Information Report (BOIR), that needs to be file [...]
CTA Requirements
Corporate Transparency Act Corporate Transparency Act Filing Requirements There are new CTA requirements. As of January 1, 2024, a new federal filing requirement known as the US Corporate Transparency Act (CTA) requires Corporations, Limited Liabi [...]
New Revenue Ruling
New Revenue Ruling No basis step-up for assets of irrevocable grantor trust not included in grantor's estate. The IRS recently released a new revenue ruling through an advance version of Rev. Rul. 2023-2, which concludes that the basis adjustment [...]
In-Home Supportive Services
In-Home Supportive Services Overview of Medi-Cal’s In-Home Supportive Services Program The In-Home Supportive Services (IHSS) Program is a statewide Medi-Cal program that provides long-term services and supports for aged, blind or disabled Califor [...]
Do LLCs Have to File Tax Returns
Do LLCs Have to File Tax Returns Are Limited Liability Companies (LLCs) with No Income Required to File Tax Returns? There are many reasons a business might not receive income. For example, if the business recently launched, the owner may still b [...]
Medi-Cal Long Term Care Changes
Medi-Cal Long Term Care Changes 2022 Major Medi-Cal Long Term Care Changes Implemented The Medi-Cal program for Long Term Care program, California's Medicaid program in conjunction with the Federal government, has decided to go in a different dir [...]
Why Use Land Trusts
Why Use Land Trusts 7 Reasons to Use Land Trusts You wouldn’t walk around with a financial statement taped to your back, would you? Then why are you holding title to your real estate in your own name? Whether it’s your personal residence or your [...]
Convert an S to a C Corporation
Convert an S to a C Corporation How to Convert S Corporation to a C Corporation: Everything You Need to Know To understand how to convert an S to a C corporation, you'll have to know which essential steps to follow. It's a pretty quick process, as [...]
What is IHSS
What is IHSS? Keeping the Disabled, Blind and Over 65 Safe At Home From the CANNR website... What is IHSS? IHSS is a statewide program administered by each county under the direction of the California Department of Social Services. It provides th [...]
Rules About Mello-Roos
Rules About Mello-Roos Mello-Roos fees... how do they work? What are some of the rules about Mello-Roos? Mello-Roos fees may be levied only as long as they are needed to pay off the bonds. Typically, the duration is 20-25 years but can be as lit [...]
Gift and Estate Taxes
Gift and Estate Taxes The 2021 Election and the Effect on Current Gift, Estate and Generation-Skipping Transfer Taxes Based on recent election results, attention has focused on what is in store for the federal transfer tax system. This article dis [...]
Build Back Better Act
Build Back Better Act What You Need to Know about this Potential Law and the Potential Impact it may have on Your Estate Planning The Build Back Better Act (the "BBBA") is proposed legislation released by the House Ways & Means Committee on Septem [...]
Tax Basis upon Death of a Partner
Tax Basis upon Death of a Partner What happens to tax basis upon death of a business partner? Upon death, the decedent’s estate is required to report as tax basis for estate tax purposes the fair market values of all applicable assets—either the v [...]
Stepped-Up Basis
Stepped-Up Basis The Stepped-Up Basis Benefit Stepped-up basis is a tax provision that allows heirs to reduce their capital gains taxes. When someone inherits property, real or personal, businesses, and investments, the IRS resets the market value [...]
Residence Trust
Residence Trust Qualified Personal Residence Trusts - What They Do and What They Don't Do In this article, we’ll define and explain the pros and cons of a Qualified Personal Residence Trust (QPRT), answering questions like, “What is a Qualified P [...]
Tax Return for an LLC with No Activity
Tax Return for an LLC with No Activity Do I Need to File a Tax Return for an LLC with No Activity? Even if your LLC did not do any business last year, you may still have to file a federal tax return. Sometimes a limited liability company (LLC) has [...]
Corporate Transparency Act
Corporate Transparency Act What Companies Need to Know On January 1, 2021, Congress passed the Corporate Transparency Act (CTA) as part of the National Defense Authorization Act. The purpose of the CTA is to “better enable critical national secu [...]
Business in an IRA
Business in an IRA Rules for Owning a Business In An IRA Suppose you could run a small business without having to worry about taking a chunk of your profits out of it every year to pay income taxes. Suppose further that you could buy and sell prop [...]
Legacy Trust
Legacy Trust What is a Legacy Trust? A legacy trust is an irrevocable trust that lets you set aside assets for future generations and functions as a second, protected estate. As your “second” estate, the legacy trust affords you some degree of ass [...]
Property LPs
Property LPs Benefits of Property LPs Over Property Trusts The benefits of transferring your properties into your LP instead of your Trust, the reasons are as follows: Due to the passing of California Proposition 19, trusts no longer protect you [...]
Employee Versus Independent
Employee Versus Independent Effective January 1, 2020: In some cases, California Law Reclassifies Independent Contractors as Employees California Governor Gavin Newsom recently signed into law a landmark piece of legislation, which will affect nea [...]
CA Position on Prop 19
CA Position on Prop 19 The State's Position on Proposition 19 CA Position on Prop 19 can affect many aspects of your individual asset protection and estate planning. Below is an example of a personal response concerning the changes to the parent-c [...]
In-Home Supportive Services
In-Home Supportive Services The Details From the State updated December 30, 2020 The Benefit In-Home Supportive Services (IHSS) provide people with low-income who have disabilities or are 65 years old or older with in-home and personal care servi [...]
Family Limited Partnership
Family Limited Partnership Efficacy of Family Limited Partnerships in California: A Case Study The Family Limited Partnership (FLP) is probably the most beneficial structure available for wealth preservation via asset protection, estate planning a [...]
Prop 19 Consequences
Prop 19 Consequences The Effect of the Passage of Proposition 19 on Trust Holders and California Residents As with everything, there are Prop 19 consequences. Unfortunately, the California Voters, by approving Proposition 19, got rid of the inheri [...]
Effects of Prop 19
Effects of Prop 19 The Effects of the Passage of Proposition 19 on the California Homeowner Proposition 19 has passed. What are the effects of prop 19 on our clients? We see four practical effects, good and bad, of this law for California property [...]
NV Homestead Law
NV Homestead Law Nevada Homestead Law: Tips and Hints NRS 115 is the chapter in the Nevada Revised Statutes that concerns the NV homestead law. We hope this brief summary of the NV Homestead Law will be of assistance to you. Procedures for Wha [...]
Small Estate In CA
Small Estate In CA Small Estates In California: 2020 Update A simplified procedure is available under California probate law to settle estates with assets that do not surpass a certain threshold, making it a “small estate.” In a small estate, y [...]
CA Professional Corporations
CA Professional Corporations Professional Corporations in California CA professional corporations are a little different than other areas. In most states, professionals who want to incorporate their practice must form a special type of corporatio [...]
Eviction and COVID-19
Eviction and COVID-19 Eviction and COVID-19 have affected many of the practices and assistance programs. While every tenant needs to follow good general practices of working with a landlord if you can't pay your rent, Federal, state and local gover [...]
Social Security Comparisons
Social Security Comparisons A comparison of SS, SSI, and SSDI SS There are distinct social security comparisons to keep in mind. While many people do not distinguish between SS (Social Security), SSI (Supplemental Security Income) and SSDI (Socia [...]
Idaho Property Transfers
Idaho Property Transfers Transfers of Personal Property after Death in Idaho Idaho property transfers after a death can be a complicated depending upon how the property was titled; especially if a trust is or is not used. If No Trust is Used An I [...]
Disclaimer of Property
Disclaimer of Property A disclaimer of property is an estate planning tool that allows you to redistribute transfers of assets or property by refusing to accept a gift, bequest, or other form of property transfer. Once disclaimed, the property is t [...]
Types of Capacity
Types of Capacity Testamentary Capacity verses Contractual Capacity Two primary types of capacity include Testamentary Capacity and Contractual Capacity. Each differs in a unique way.Testamentary CapacityTestamentary capacity refers to the ability [...]
Utah Medicaid Rules
Utah Medicaid Rules 2020 Utah Medicaid Rules for 2020 are in and it is important to stay informed of the changes. WHAT IS MEDICAID? Medicaid is a health benefit program for families and individuals who are eligible. See What is Medicaid? brochure [...]
Maximize PPP Funds
Maximize PPP Funds Make the Most of Your Payroll Protection Plan Funds Despite widespread stories of a chaotic roll-out of the CARES Act Payroll Protection Program (PPP), some of the first companies to apply have already received their funds. Wh [...]
PPP Basics
PPP Basics Basics on the Payroll Protection Plan (PPP) While the Payroll Protection Program application process may seem overwhelming, there are some PPP basics that can help you through the process. What is the Payroll Protection Program (PPP)? [...]
Dementia Care
Dementia Care Dementia care begins with custodial care: routine personal care that does not require the attention of trained medical staff. Intermediate care is the step beyond that, when medical care is necessary, but not constant; and at the lev [...]
Inherited Roth IRA
Inherited Roth IRA Understanding the Tax Ramifications of an Inherited Roth IRA A common misconception of an inherited Roth IRA is that upon the account holder’s death, his or her beneficiaries do not need to pay any taxes on the inherited retire [...]
Gift Tax Planning
Gift Tax Planning A Way of Protecting Your Estate from Taxes, Creditors, and Others Gift tax planning can help to ensure that your state stays with your family and not the government or creditor. Here are the basics about Gift tax planning. See o [...]
Secure Act of 2020
The Secure Act of 2020: What Can We Expect Now? In the last 3 and a half years there have been two major tax law changes having to retirement and 529 accounts. Of course, as with any tax changes by our dysfunctional government, they come in the 11 [...]
Probate Emergency
Ex Partes or Emergency Hearings in Probate Matters On occasion, a client calls me and informs me that he or she is faced with a pressing probate emergency in one of our cases. This is particularly difficult because as a general rule, in probate, w [...]
Independent Contractor
Are you employed or an independent contractor? California Assembly Bill 5 or AB 5 is a California law which limits the use of classifying workers as independent contractors rather than employees by companies in the state. Employees are entitled to [...]
Probate Pitfalls
Potential Pitfalls of Probate Probate pitfalls can make a complicated process a little more daunting. One of the most difficult situations, that we encounter as attorneys in probate cases, happens when a potential client calls in and says that some [...]
Title Surplus
Title Surplus Funds From Foreclosure Title surplus funds or “Surplus funds” or “surplus” typically refer to funds remaining after payment of all disbursements required by the final judgment of foreclosure and shown on the certificate of disbursemen [...]
VA Look Back
VA Look Back 2018 Net Income Rules for Aid & Attendance, Housebound, and Basic Eligibility In September of 2018, the Department of Veterans Affairs (VA) released new rules for non-service connected disability pensions. These are needs-based p [...]
Holographic Will
Holographic Will pursuant to CA Probate Code Section 6111 What Is a Holographic Will in California? Any Will that has been written out by hand and signed by the testator is a Holographic Will; compared to the Will created by an Attorney which wou [...]
Probate and Creditors
Probate and Creditors Probate and creditors and the challenge of who can administer an estate can be a tricky. From time to time, we at Beyer Pongratz and Rosen encounter the idea that a creditor could be a potential executor under a Probate. In [...]
Estate Recovery
Estate Recovery Program “Straight from the horse’s mouth – Department of Healthcare Services” What is Estate Recovery? The Medi-Cal program must seek repayment from the estates of certain deceased Medi-Cal members. Repayment only applies to benefi [...]
Portability of Estate Tax Exemption
Portability of Estate Tax Exemption On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 ("TRUIRJCA" for short) into law. As part of this law, significant modifications [...]
Probate Details
Probate Details Probate details can make an already difficult situation feel overwhelming. The specifics for probate accounting are crucial to probate cases and often require exact numbers; not always as straightforward or as easy as they may see [...]
Understanding Probate
Understanding Probate Understanding probate can be a confusing and overwhelming task. The court system has very specific procedures and documentation required for probate and, after a loved one has passed, it can be extremely confusing to deal wit [...]
California LLC
Is the California LLC the BEST WAY to Protect your business or yourself in California? Probably Not. This is a controversial issue, with Proponents and Opponents on both sides. This is my opinion after researching the topic. However, let’s first [...]
California Law on Loans
California Law on Loans, Notes, Interest and Usury Are You Charging an Illegal Interest Rate on a Loan or Promissory Note? Many people wrongfully believe they can charge whatever amount of interest the market with bear. Unfortunately, that is not [...]
How Do I Structure My Business
How Do I Structure My Business? Business structure is important to each and every business. Whether big or small, a business needs to be structured in such a way as to reduce taxation, ensure control of the business with the right individuals, and [...]
Undue Influence
Undue Influence in Estate Planning Estate planning is a complicated process where different family members have to interact with each other in new ways. Family members, during this process, can be caught in vulnerable positions and taken advantage [...]
Life After Tax Reduction Act
How to save taxes after the Tax Reduction Act of 2017 Life after Tax Reduction Act is possible! But, life has changed! What we have been doing to reduce our taxes mostly won’t work anymore. You used to itemize and save many taxes on your return, [...]
Property Transfers
Save Taxes on Property Transfers CAN YOU TRANSFER YOUR PROPERTY TO ANOTHER WITHOUT THE PROPERTY TAXES BEING RAISED? On June 6, 1978, the state of California voters approved a proposition known as proposition 13. This was created to stop the rapid [...]