The Internal Revenue Service has announced inflation adjustments for tax year 2025 (Rev. Proc. 2024-40). Lifetime Exemption Amount For gift and estate tax purposes, the lifetime exemption amount will increase to $13.99 million per person (up from $13.61 million in 2024). This means a married couple can transfer a combined $27.98 million during life and/or at death without paying any federal gift or estate tax. The lifetime exemption amount, which was temporarily doubled under the Tax Cuts and Jobs Act of 2017 (TCJA), is scheduled to return to its pre-TCJA levels after 2025. Annual Gift Exclusion The annual gift exclusion
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Michael Mellema Appointed Co-chair of Parker Milliken Labor and Employment Group
We are pleased to announce that Michael Mellema has been appointed Co-Chair of the firm’s Labor and Employment Practice Group. Mr. Mellema will lead the group with Co-Chair Karl Schmidt. Michael B. Mellema joined Parker Milliken in 2007 and specializes in litigation, with an emphases in labor, employment, fiduciary and class action defense. The firm’s Labor and Employment practice is one of the cornerstones of our 100-year legacy. Parker Milliken attorneys in this group have expertise that crosses industry boundaries and includes clients ranging from aerospace to insurance, from education to construction, and from manufacturing to hospitality. “I am honored
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Parker Milliken Attorney Edzyl Magante Appointed Los Angeles Chair for the ABA Litigation Section’s Local Presence
Edzyl Magante was appointed as the Los Angeles Chair for the ABA (American Bar Association) Litigation Section’s Local Presence for the 2023–2024 bar year. This is a new initiative of the ABA that will serve four cities nationwide deemed with a strong litigation presence. Current cities participating in this pioneering endeavor include Los Angeles, Atlanta, Detroit and Dallas. The goal of Local Presence initiative is to increase the ABA’s engagement at the local level, and spark interest in ABA membership among local practitioners through meaningful programming and networking opportunities. “I am excited the ABA Litigation Section has launched the Local
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Parker Milliken Participates in Spring On-Campus Interviews at Six Local Law Schools
The firm will be participating in the OCI (On-Campus Interviews) Spring Program and virtually visiting six law schools, including the following: • USC Gould School of Law • UCLA Law • Loyola Law School • UC Davis School of Law • UCI Law • Pepperdine Caruso School of Law Ten Parker Milliken attorneys will be involved in the interview process this spring and are excited to meet potential law school candidates to support our growing firm. The following attorneys will participate in 2024: • Brent G. Cheney • Karen C. Freitas • Isaac B. Simon • Gary Tokumori • Jadene
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A Guide to Admitting a Will to Probate for the Purpose of Validating the Exercise of a Power of Appointment
By Steven Platt, Esq., Jadene Tamura, Esq., and Suzie Vardanyan, Esq. INTRODUCTION In California, a probate proceeding traditionally involves the administration and disposition of a decedent’s assets. An archetypal probate proceeding includes the submission of an instrument to be recognized by the court as the decedent’s final will, and the appointment of a personal representative who marshals and inventories the assets, provides notice to creditors, and, ultimately, distributes the assets to the beneficiaries, all under the court’s supervision. The proceeding is public, and it can be time-consuming and costly with filing fees, publication fees, and statutory fees for probate referees,
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Gary Ganchrow’s Resident Manager Lawsuits – The Inside Scoop from Lawyers webinar via live stream by the Apartment Owners Association of California, Inc.
Gary Ganchrow shared his insights relating to resident manager lawsuits and answered questions via live stream at the “Resident Manager Lawsuits – The Inside Scoop from Lawyers” webinar hosted by the Apartment Owners Association of California, Inc. View the recorded webinar at www.youtube.com/watch to hear about resident manager claims that get the attention of plaintiff lawyers, how to avoid being an attractive target for a lawsuit, common mistakes made when employing a resident manager, how to avoid being liable for your resident manager, the hidden exposure in resident manager lawsuits, and the “no good deed goes unpunished” rule.
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Gary Tokumori and Kenneth Miller’s presentation at the Western Bankers Association Lenders & Chief Credit Officers Conference
Gary Tokumori and Kenneth Miller will be speaking at the Western Bankers Association Lenders & Chief Credit Officers Conference on the topic, “Handling Problem Loans in the Age of COVID-19”: In the midst of the COVID-19 pandemic, it is critical for the commercial lender to quickly assess and address problem loans in order to stay ahead of an uncertain and ever-changing financial environment and to allow the lender the best opportunity to efficiently resolve them. In this session, learn best practices for the lender’s business and legal teams to work together to quickly deal with potential risks and issues, and
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Parker Milliken volunteer event at the Los Angeles Regional Food Bank
Parker Milliken proudly supports the Los Angeles Regional Food Bank with a contribution that will provide 40,000 meals to those most in need. Special thanks to the Parker Milliken volunteers who prepared 3,587 food boxes, which will provide more than 14,000 meals to the community: Stephen Terry, Corina Flores, Steve Platt, Gary Tokumori, Tom Shuck, Ken Miller, Charles Black, Christopher Jew, Dan McGreal, Juliette Tran, Nadine Tan, Jason de Jesus, Jennifer Yi, and Oscar Gomez. For more information, visit lafoodbank.org
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