Tax Planning

The attorneys at Favaro, Lavezzo, Gill, Caretti & Heppell, PC offer comprehensive tax planning services, including income, estate, gift, generation skipping, and property tax planning, to clients in Napa, Solano, and Contra Costa counties and throughout Northern California.

Income Tax Planning

Our attorneys routinely represent individuals, corporations, partnerships, and tax-exempt entities. We assist clients with an array of taxation matters, including 1031 tax-free exchanges, tax compliance issues, tax collection matters, and tax consequences of a business transaction or the sale of a business interest. We also represent clients in tax controversies and litigation.

Estate, Gift, and Generation-Skipping Tax Planning

Our attorneys carefully consider the potential application of income, estate, gift and generation skipping transfer tax laws to large and complex estates, such as estates involving closely held business interests or multiple interests in real estate. We are well versed in estate planning strategies designed to reduce or eliminate potential transfer tax liability. We work closely with appraisers to determine an accurate valuation of assets and liabilities, and coordinate our services with our clients’ income tax preparers to ensure deductions are taken in a manner that maximizes tax savings for the estate. We also counsel clients regarding elections needed to avoid the imposition of generation-skipping transfer tax.

Real Property Tax Planning

Every estate plan or transfer involving an interest in real property requires consideration of potential property tax consequences. Property taxes are calculated based upon a percentage of the real property’s assessed value; assessors may only increase a property’s assessed value by only 2% per year, unless a “change of ownership” occurs. What constitutes a “change in ownership” is sometimes unclear, and many property owners have unknowingly triggered a reassessment. Of particular concern are businesses that own real property, because even the transfer of a one percent interest in the business can be enough to trigger a reassessment of all California real property held by the entity.

We prepare property tax planning strategies designed to avoid or minimize an increase in assessed value, identifying and claiming available exclusions from reassessment, and communicate directly with the State Board of Equalization and local assessors’ offices to ensure the efficacy of the transfer.

Seek Experienced Legal Counsel

Tax matters are inherently complex and require representation by experienced legal counsel. For further information regarding the tax, business law, and estate planning services offered by our firm, contact Favaro, Lavezzo, Gill, Caretti & Heppell, PC.