In this session, we’ll explore the fundamentals of California property tax assessments and change in ownership law. The listener will learn about potential planning techniques and savings opportunities as real estate markets fluctuate as well as important developments in the areas of documentary transfer tax and property tax exclusions.  

The IRS is once again facing enormous challenges, from changing priorities to rescinded funding to hiring freezes. Former IRS Commissioner (2018-2022) Chuck Rettig will share his perspectives on IRS resilience and adaptability, with a particular focus on how the changes are likely to affect current and planned enforcement initiatives, at both the agency and exam team level. He will provide context for the many challenges ahead regarding enforcement and related efforts focused on high-wealth individuals and their closely held entities, flow-thru entities, estate and gift tax issues, complex and multi-tiered partnerships, business aircraft, digital assets, offshore activities and other current IRS priorities and initiatives.  

This session will break down the key elements of trust structures and how to properly review and interpret them. Topics include the income tax treatment of grantor vs. non-grantor trusts, beneficiary taxation, trust classifications (simple, complex, and grantor), and the tax implications of revocable vs. irrevocable trusts. We’ll also explore common trust provisions (like HEMS and 5/5 power), charitable deduction rules, and special considerations for trusts holding S corporation stock.

Come learn the six income tax issues involved in funding bequests, including whether the distribution carries out DNI and if so, how much DNI, whether capital gain may or is required to be recognized when funding a bequest with appreciated property, and what is the holding period and basis of the assets distributed to the beneficiary.