Governor Jerry Brown signed into law AB 1522, which includes mandatory sick leave law that will affect most employers in California. Accrual for sick leave does not need to start until July 1, 2015. However, after that date, employers must comply with the record keeping and accrual requirements of the law.
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One of the most widely used estate planning strategies for freezing the value of assets may be coming under attack from proposed IRS regulations, which may be released as early as September. Many estate planners suggest the use of Family Limited Partnerships (FLPs) and Family Limited Liability Companies (FLLCs) to get family members involved in the family business or in the family's real estate operations. By using discounts for lack of marketability (DLOM) and discounts for lack of control also known as a minority interest discounts (DLOC), estate valuation experts and appraisers have been able to value percentage interests of assets gifted to heirs at favorable values for estate and gift tax purposes (for DLOM anywhere from 20-35% and for DLOC anywhere from 20-30%). These discounts have allowed families to pass on wealth to the next generation at a minimal estate, gift and generation-skipping transfer tax cost. The discounts have been challenged a plethora of times in court with the taxpayers and the IRS at opposite ends.
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