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Incomplete Non-Grantor Trusts The Past, Present and Future

Incomplete Non-Grantor Trusts
The Past, Present and Future

Authored by Mark Lobb At the end of June 2023, the California Senate and Assembly passed legislation which will eliminate the use of incomplete non-grantor trusts (ING or INGs) to prevent California taxpayers from incurring California state tax under certain circumstances (SB 131).  California SB 131 tracks New York legislation (Part Q of the Fiscal […]

Incomplete Non-Grantor Trusts
The Past, Present and Future
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The Lobb Report - June 2023 Business Owner Updates

Lobb Report – June 2023 Business Owner Updates

Authored by Mark Lobb Incomplete Non-Grantor Trusts Update Recent Lobb Reports have discussed the potential demise of the use by California residents of incomplete non-grantor trusts (INGs). The 2023-2024 California budget proposed treating INGs as grantor trusts so California could tax certain income incurred by the INGs. At the time of this writing, both the

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The Lobb Report - May 2023 Business Owner Updates

The Lobb Report – May 2023 Business Owner Updates

Authored by Mark Lobb As we enter June and approach mid-year, there are many updates for business owners which touch on the L&P Four Pillars of Planning: tax optimization, asset protection, estate planning and succession planning.  Below are four areas businesses owners need to be aware of for both personal and business planning: AI Warning:

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What Happens When a Bank Fails and Will FDIC Insurance Save Your Assets?

What Happens When a Bank Fails and Will FDIC Insurance Save Your Assets?

Authored by Mark Lobb In the wake of the Signature Bank and Silicon Valley Bank failures, and with other regional banks potentially on the brink of collapsing, it’s worth considering what happens when a bank fails and what you can do to protect your assets. What happens to your assets and accounts when an FDIC-insured

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Federal Government Revenue Proposal: Estate Planning Under Attack With Promises of More Taxes

Federal Government Revenue Proposal: Estate Planning Under Attack With Promises of More Taxes

Authored by Mark Lobb As we entered 2023, many states cut taxes on individuals and companies with lofty goals of spurring investments, stabilizing growth, and assisting families during an inflationary period.  The vice president of taxation and public finance for the Indiana Chamber of Commerce declared the tax cut in Indiana could provide a boost

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Chasing Ever-Changing Laws and Life Situations Which May Invalidate Your Estate, Asset Protection and Tax Plans

Is Your Planning Structure Current? Chasing Ever-Changing Laws and Life Situations Which May Invalidate Your Estate, Asset Protection and Tax Plans

Authored by Mark Lobb Charles Darwin has many great quotes, but one of my favorites is as follows: “It is not the strongest of the species that survive, not the most intelligent, but the one most responsive to change.” You may have put a great planning structure together at one point which was considered “strong”

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Ninth Circuit Upholds Mandatory Employment Arbitration Agreements in a Huge Win for California Employers

Ninth Circuit Upholds Mandatory Employment Arbitration Agreements in a Huge Win for California Employers

Authored by Michael J. DeSantis Earlier this month, the United States Court of Appeals for the Ninth Circuit recognized that the Federal Arbitration Act (“FAA”) permits mandatory arbitration agreements that are a condition of employment and preempts California law on the issue, a major win for California employers. Mandatory arbitration agreements used to be the

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Update on 1031 Exchanges – Irs Extends Deadline for Some California Residents

Update on 1031 Exchanges – Irs Extends Deadline for Some California Residents

Authored by Tim R. Plewe The IRS recently issued an extension of the 45-day and 180-day deadlines for 1031 exchanges for taxpayers residing in, or whose principal place of business or books and records are located in counties affected by the recent severe winter storms, flooding and mud slides throughout California (listed below). The 45-day

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