Once again, California is at the center of a national tax debate and we are tuning in to gain a better perspective on what this means for high-net worth individuals. A proposed ballot initiative, commonly referred to as the “2026 Billionaire Tax Act,” has sparked significant concern among high-net worth individuals, family offices, and closely held business owners. While the measure is not yet law, its potential impact is serious enough that proactive planning is no longer optional.
What is being proposed
The initiative would impose a one-time tax on individuals and certain trusts with […]