The California legal publication, Daily Journal, launched this week a regular column featuring articles by Withers attorneys titled, "Wealth with Withers." With contributions authored by California-based attorneys and occasional co-authors from the firm's other offices, the column focuses on legal issues related to wealth that are of interest to California lawyers. The column will span a wide range of topics – from philanthropy and real estate to art and start-ups – with content tied by the common theme of wealth planning.
An international law firm dedicated to successful individuals, families, and their businesses, Withers boasts a strong California presence serving clients and their advisors from four offices in Los Angeles, San Francisco, San Diego and Rancho Santa Fe. Withers' California-based attorneys advise on tax, trusts, estate planning, cross-border issues, charities, charitable giving, litigation, commercial matters, real estate, family offices, and art and cultural assets, and frequently write and speak on topics related to high net worth wealth planning.
The first article in the "Wealth with Withers" column was authored by trusts, estates, and charitable planning partner, Elizabeth Bawden, who is based in the firm's Los Angeles office. Published on June 25th, the article is titled, 'Preparing for sunset: What lawyers need to know about the gift and estate tax,' and offers an easy to digest summary and thoughtful planning tips related to the temporary 40% gift tax exemption under the Tax Cuts and Jobs Act passed at the end of 2017.
"With much aplomb, it was announced that the average American (and even the average lawyer!) could pass wealth to their children and beneficiaries without paying a 40% tax," Elizabeth writes. "The reality, though, is more nuanced." Whether advising clients on their estate and tax planning strategies, or considering how to handle your own wealth, Elizabeth shares what you need to know before the "sunset" of the tax exemption.
_Featured on the Daily Journal's columns page, the article is also included in the publication's hard copy edition.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.