Deed-in-Lieu of Foreclosure in California: Legal Requirements for 1–4 Unit Residential Properties

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How California lenders and borrowers can negotiate a deed-in-lieu agreement — and the structuring errors that expose both parties to significant legal and tax liability.

By Dan Harkey

Most distressed borrowers walk into a deed-in-lieu thinking it is a simple exchange: hand over the property, walk away from the debt. That assumption has cost people far more than the foreclosure they were trying to avoid.

A deed-in-lieu of foreclosure is a negotiated settlement agreement in which a defaulting borrower voluntarily conveys title to the lender in exchange for cancellation or settlement of the secured debt. The borrower avoids a trustee sale and prolonged collection activity. The lender avoids the expense, delay, and public visibility of foreclosure. But unlike a nonjudicial foreclosure, a deed-in-lieu is fundamentally a contractual transaction, and what foreclosure law eliminates automatically, contract law requires you to negotiate.

“A foreclosure transfers property. A deed-in-lieu transfers risk. The entire process is a negotiation over who owns that risk after the deed is recorded.”

What a Deed-in-Lieu Actually Settles

The document itself is straightforward enough: the borrower transfers ownership, the lender accepts the property, and the parties document the terms of their settlement in writing. That settlement typically addresses whether the debt is fully satisfied, what happens to any deficiency, who bears possession obligations, and what claims survive the closing.

The negotiated settlement may also include a relocation payment to the borrower, commonly ranging from $10,000 to $100,000, structured as an inducement to accept the arrangement and vacate. That payment gives the borrower enough to resettle elsewhere without dragging the transition out.

What the document does not do, and this is where borrowers get into trouble, is automatically extinguish subordinate liens the way foreclosure generally does. The lender acquires title subject to whatever encumbrances are already recorded. If the borrower has junior deeds of trust, unpaid HOA assessments, mechanics’ liens, or judgment liens, the lender inherits exposure to all of them. A poorly documented transaction can leave unresolved claims on title long after ownership has changed hands.

“A deed-in-lieu is not primarily a deed. It is a settlement agreement that uses a deed to transfer ownership and allocate risk.”

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Step 1: Loss Mitigation Review

The process begins when the borrower contacts the loan servicer and requests consideration for a deed-in-lieu program. The lender’s first objective is not to acquire the property. Lenders generally prefer to receive cash from a sale. Acquiring real estate is typically a last resort.

To evaluate the request, the lender will ask for a hardship letter or affidavit, financial statements, tax returns, bank statements, pay stubs or income verification, profit and loss statements if the borrower is self-employed, asset schedules, and signed authorization forms.

The lender is not evaluating sympathy. It is evaluating recoverability. The submission needs to establish that the hardship is genuine, that it is long-term in nature, that loan reinstatement is unlikely, and that the borrower has no practical alternatives remaining.

Step 2: The Property Must Fail the Market Test

Before most institutional lenders will accept a deed-in-lieu, they want evidence that the property could not be sold through ordinary market channels. That typically means an MLS listing, a documented broker marketing period, price reductions, records of failed offers, and a short sale review.

The lender wants proof that the borrower attempted liquidation, that market demand was insufficient, and that foreclosure alternatives have been exhausted. A lender does not want to acquire collateral when cash proceeds from a sale were available and simply not pursued.

Step 3: Property Valuation

Once the lender determines the deed-in-lieu is worth pursuing, it orders a valuation analysis. That may involve a broker price opinion, an interior BPO, automated valuation models, or an independent appraisal.

The lender is evaluating current market value, estimated liquidation value, holding costs, property condition, repair requirements, and overall marketability. A severely damaged property may be rejected outright. The lender does not want to inherit a major rehabilitation project. The property needs to represent a recoverable asset before the lender will proceed.

Step 4: Title Review

This is where most proposed deed-in-lieu transactions fail. The lender orders a comprehensive title search to determine whether it can accept title without inheriting obligations that make the acquisition economically irrational.

The search covers junior deeds of trust, HELOCs, mechanics’ liens, tax liens, judgment liens, child support liens, HOA liens, federal liens, pending litigation, and lis pendens filings. Because a deed-in-lieu does not extinguish subordinate interests the way foreclosure generally does, any significant junior liens on title typically push the lender toward foreclosure instead.

“The fastest way to kill a deed-in-lieu is a dirty title report.”

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Step 5: Occupancy and Property Control

The lender wants certainty about who occupies the property and what rights survive closing. For owner-occupied homes, the borrower is generally required to vacate, remove personal property, and leave the property secured and maintained. Utilities typically remain operational through the turnover date.

For 2-to-4 unit properties, existing tenants may remain under their lease terms. The lender will review rent rolls, security deposits, and lease agreements before accepting the title. The goal is predictable possession rights immediately after closing. Collateral without control is not collateral.

Step 6: Deficiency Liability

This is the most important legal issue for most borrowers, and it must be resolved before anything is signed.

The settlement agreement should expressly state whether the debt is satisfied in full, whether any deficiency is waived, whether collection rights survive, and whether the lender releases all personal liability. Never assume debt forgiveness simply because title changes hands.

California’s anti-deficiency statutes provide substantial protections for borrowers in many residential transactions. But a deed-in-lieu remains a negotiated contract, not a foreclosure. The statutory protections that apply automatically in a nonjudicial foreclosure may not apply here unless they are written into the agreement. If the deficiency waiver is not in writing, it may not exist.

Step 7: Executing the Documents

Once underwriting, valuation, title review, and negotiations are complete, the parties execute the full settlement package. That includes the settlement agreement itself, the deed-in-lieu agreement, a grant deed, an estoppel affidavit, occupancy certifications, and all agreed-upon release documents.

The estoppel affidavit serves a specific legal purpose. In it, the borrower confirms that the transfer is voluntary, that no coercion exists, that the transaction is intended as an outright conveyance, and that no continuing ownership interest is retained. This document protects the lender against future claims that the transaction was actually a disguised mortgage. The lender wants ownership certainty, and the estoppel affidavit is how that certainty gets documented.

Step 8: Closing, Recording, and Possession Transfer

At closing, the deed is delivered, possession is surrendered, keys are transferred, and settlement terms become effective. The lender records the grant deed with the County Recorder, and legal title transfers upon recordation. Any agreed-upon relocation assistance or cash-for-keys payments are disbursed according to the settlement terms.

Recording ends the ownership question. It also begins the asset management problem, since the lender is now responsible for a property that a defaulting borrower was unable to maintain or sell.

Tax Consequences

Many borrowers focus entirely on avoiding foreclosure. Sophisticated borrowers focus on what comes after.

The potential tax issues include cancellation of debt income, capital gain implications, insolvency exceptions, principal residence exclusions, and separate treatment under federal and California tax law. The legal transfer may be completed in a single day. The tax consequences may remain under examination for years. The debt may disappear from the property long before it disappears from the tax return.

Borrowers should consult a qualified tax advisor before executing any deed-in-lieu settlement. The numbers on paper can look very different from the numbers on a subsequent tax filing.

Why Lenders Reject Deed-in-Lieu Proposals

Lenders typically reject deed-in-lieu proposals when their review turns up junior liens, litigation exposure, environmental concerns, title defects, tenant disputes, significant deferred maintenance, property abandonment, unclear ownership interests, or bankruptcy complications. The lender’s decision is not driven by borrower hardship. It is driven by asset recovery economics.

When any of these conditions exist, foreclosure is usually the more rational remedy, because foreclosure eliminates risks that a deed-in-lieu may preserve indefinitely.

The Five Variables That Determine Success

A California deed-in-lieu of foreclosure works when five conditions are present at the same time. When any one is missing, the lender will usually choose foreclosure instead.


When those five elements align, a deed-in-lieu can produce a faster, less expensive, and less disruptive resolution than foreclosure. When they do not, the lender will foreclose, and the borrower will have spent time and legal fees on a process that was never going to close.

Dan Harkey
Educator & Private Money Real Estate Lending Consultant
[email protected] 949 533 8315
www.danharkey.com

Live Training, New Video with The Tax Sales Master

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Investors, you are invited to a new virtual educational session with Ken Letourneau. Known as “The Tax Sale Master”, Ken has spoken at many Realty411 events, now we want to make sure our entire national network has access to his incredible knowledge. Investors, watch his video above and be sure to join his webinar to increase your understanding of the Tax Sales.

100% Online | FREE to Attend | Limited Seats

Monday, August 3rd, 2026

VIRTUAL SESSION

6 pm PT
7 pm MT
8 pm CT
9 pm ET

For the past 15 years, Ken Letourneau, known as “The Tax Sale Master”, has specialized in the niche market of purchasing properties through local government tax sales, also known as tax sale investing. This strategy has attracted major Wall Street firms like BlackRock and JPMorgan Chase due to its lucrative potential.

With tax sale investing, you can earn returns of up to 25% on your money or even acquire properties for as little as $5,000. Ken Letourneau is a seasoned real estate professional with over 25 years of experience in the industry. He has specialized in tax lien certificates and tax deed properties and is actively participating in tax sales auctions across the United States.

Ken’s expertise extends beyond his personal ventures. He now dedicates a significant portion of his time to educating others in the intricacies of tax sales auctions. Be sure to register for his free training above, and don’t forget to watch the video.

Since 2007, Realty411.com has assisted top companies expand their visibility and grow their business.
Contact us for a complimentary marketing session, CLICK HERE.

Fiduciary Accounting First: The Statutory Framework of IRC § 643 and Trust Tax Consequences

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By Jay Butler

When a trust sells an appreciated asset, there is often an assumption that a taxable gain automatically arises simply because the sale occurred. Congress, through Subchapter J, approaches the issue differently. Before the tax consequences of a trust transaction can be determined, Congress required that the transaction be characterized under fiduciary accounting principles first. The central question is therefore not merely whether money entered the trust, but what that receipt is, how it is classified, and what consequences follow from that classification.

Congress deliberately incorporated trust-accounting principles into federal tax law through Subchapter J. Federal tax law did not create the fiduciary structure of a trust; it recognized and incorporated it. Internal Revenue Code § 643 (b) provides that trust accounting income is determined under the governing instrument and applicable local law. Congress did not create an independent federal definition of trust accounting income. Treasury Regulation § 1.643(b)-1 preserves this distinction between fiduciary accounting income and taxable income. As a result, fiduciary classification is the starting point for determining the tax consequences of trust transactions.

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Under the governing instrument, gains arising from the sale or exchange of trust assets are required to be allocated to corpus rather than income. Corpus, sometimes referred to as principal, consists of the assets held within the trust and administered by the trustee pursuant to the governing instrument. It is the trustee who determines whether a receipt is allocated to corpus or income under the governing instrument and applicable law. The trustee then determines whether assets allocated to corpus remain accumulated within the trust estate, free from current trust-level tax consequences, or become distributable pursuant to the terms of the trust. Only then do the resulting tax consequences flow from that determination under Subchapter J.

When a trust asset is sold, one asset within corpus is exchanged for another asset within corpus. Real estate becomes cash. Cryptocurrency becomes cash. While the form of the asset changes, the asset remains within the trust estate and under the trustee’s fiduciary control. Legal title remains with the trustee, who continues to administer the property pursuant to fiduciary duties imposed by the governing instrument and applicable law. No beneficiary has received a distribution, nor acquired possession or control of the proceeds, obtained constructive receipt, or acquired a present right to compel payment. The trust corpus remains intact notwithstanding the conversion of one asset form into another.

IRC § 643(a)(3) reinforces this framework by providing that gains from the sale or exchange of capital assets are excluded from Distributable Net Income (“DNI”) to the extent they are allocated to corpus and are not paid, credited, or required to be distributed to any beneficiary during the taxable year. DNI serves as the statutory measure of income that may be carried out to a beneficiary for tax purposes. Gains properly allocated to corpus, and excluded from DNI, remain within the trust estate and continue to be administered as corpus until the trustee elects to make a discretionary distribution pursuant to the governing instrument.

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This statutory structure reflects a logical sequence. Before the trustee performs the characterization required by § 643(b), it is impossible to determine what constitutes income, what constitutes corpus, what enters DNI, what remains principal, and what—if anything—is distributable to a beneficiary. Those determinations are not incidental; they are fundamental to the operation of Subchapter J. Any attempt to determine trust-level or beneficiary-level tax consequences before completing the fiduciary accounting process would bypass the sequence Congress established in § 643, which directs the fiduciary to determine the character of the receipt before the resulting tax consequences are calculated.

The statute operates in a straightforward order. First, the trustee characterizes the receipt under § 643(b) by allocating it between income and corpus. Second, the trustee determines whether the asset remains accumulated within corpus or becomes distributable under the governing instrument. Third, IRC § 643(a)(3) determines whether gains allocated to corpus are excluded from DNI. Only then can the resulting tax consequences be determined.

Properly understood, the issue is not whether a trust transaction has tax consequences, but when and how those consequences are determined under Subchapter J. Congress intended the fiduciary accounting characterization required by § 643(b) to govern that determination, and the statutory framework reflects that intent. By incorporating the governing instrument and applicable local law into the federal tax framework, Congress placed the trustee’s fiduciary accounting determination at the beginning of the analysis. Until that determination has been made, one cannot know whether a receipt constitutes income or corpus, whether it enters DNI, whether it remains accumulated within the trust estate, or whether it becomes distributable to a beneficiary.

In conclusion, where gains are allocated to corpus pursuant to the governing instrument, and remain within the trust estate, they are excluded from DNI under IRC § 643(a)(3), so long as they are neither paid, credited, or required to be distributed. Therefore, no current trust-level tax consequence arises merely because the underlying asset was sold and the resulting gain was allocated to corpus, excluded from DNI, and retained within the trust estate. The trustee’s determination comes first, not because the trustee supersedes federal law, but because Congress itself directed fiduciary accounting be applied first.

We welcome you to “Schedule Your Free 90-Minute Appointment” with us on the top right-hand corner of any page on our AssetProtectionServices.com website. We look forward to speaking with you, and working with you soon! Thank you~

MEET JAY BUTLER

Jay Butler is the Trustee of Asset Protection Services of America Trust, Manager of State Trustee Services LLC and the former Vice-President of Sales and Marketing for Corporate Support Services of Nevada, Inc. Mr. Butler holds a Bachelor’s Degree of Fine Arts from Boston University.

Jay has provided customized business entity structuring for clients in all 50 states along with some of the most respected names in the industry including the Jay Mitton organization “the father of asset protection” and Real Estate Investor Association seminars. He also appeared in numerous magazine articles in Reality 411, Ca$h-Flow and REI Wealth.

While working with Wealth Protection Concepts, LLC under the tutelage of the former Las Vegas and North Las Vegas city attorney Carl E. Lovell Jr. (now deceased from Leukemia), Mr. Butler was bestowed the title of “Asset Protection Planner” for his competency and experience. He also co-authored the first edition of his book “Cover Your Assets: Legal Authorities on Asset Protection, Tax Strategies and Estate Planning” © 2006 with Dr. Lovell.

When residing in Zug, Switzerland, Mr. Butler was the Associate Director of “CO-Handelszentrum GmbH” providing Swiss company formation and administration services and executed a full-range of fiduciary responsibilities including client support and international corporate compliance services (KYC, FATCA, AML and FATF).

Jay builds his relationships through consistent attention to detail and reliable support. He has traveled extensively throughout the United States (having visited 49 of the 50 states), explored 40 nations worldwide, and has lived in a total of 7 countries throughout North America, Central America, the Middle East, North Africa and Europe. Jay holds dual citizenship in the United States and Italy and permanently resides with his wife and daughter in Puglia.

Asset Protection Services of America Trust

Jay Butler, Trustee

732 South 6th Street
Suite N
Las Vegas, Nevada 89101-6948
Office: (775) 461-5255


Website: www.AssetProtectionServices.com

For more information about the Irrevocable Spendthrift Trust, please visit:

https://www.assetprotectionservices.com/apsa/trusts/irrevocable-spendthrift-trust.html

Tax Planning Includes Keeping Good Records — Seven Helpful Tips

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By Robert P. Russo, CPA PC

It’s January, and tax season is right around the corner. For many people, that means scrambling to collect receipts, mileage logs, and other tax-related documents needed to prepare their tax returns. If this describes you, chances are, you’re wishing you’d kept on top of it during the year so you could avoid this scenario yet again. With this in mind, here are seven suggestions to help taxpayers like you keep good records throughout the year:

1. Taxpayers should develop a system that keeps all their important info together. They can use a software program for electronic recordkeeping. They could also store paper documents in labeled folders.

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2. Throughout the year, they should add tax records to their files as they receive them. Having records readily at hand makes preparing a tax return easier.

3. It may also help them discover potentially overlooked deductions or credits. Taxpayers should notify the IRS if their address changes. They should also notify the Social Security Administration of a legal name change to avoid a delay in processing their tax return.

4. Records that taxpayers should keep include receipts, canceled checks, and other documents that support income, a deduction, or a credit on a tax return.

5. Taxpayers should also keep records relating to property they dispose of or sell. They must keep these records to figure out their basis for computing gain or loss.

6. In general, the IRS suggests that taxpayers keep records for three years from the date they filed the return.

7. For business taxpayers, there’s no particular method of bookkeeping they must use. However, taxpayers should find a method that clearly and accurately reflects their gross income and expenses. The records should confirm income and expenses. Taxpayers who have employees must keep all employment tax records for at least four years after the tax is due or paid, whichever is later.

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Well-organized records make it easier for taxpayers to prepare their tax returns. Good recordkeeping also helps provide answers if a taxpayer’s return is selected for examination or if the taxpayer receives an IRS notice.

If you need help setting up a recordkeeping system that works for you, don’t hesitate to call.

Robert P Russo CPA PC
Certified Public Accountants
231 W. 29th Street (bet 7th & 8th Ave)
Suite 500
New York, NY 10001
O: 212-279-9800
C: 917-207-9278
F:866-396-2310
www.robertprussocpa.com 

Asset Protection Services of America Trust Pay No Capital Gains Tax

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By Jay Butler

While some individuals and couples might escape low capital gains taxation under the new 2026 thresholds, most all investors will incur a capital gains tax liability upon the sale of an investment property.

The Scenario

So, in our scenario, “Bob” previously invested into a duplex. At the time of his purchase, he put $200,000 down toward his $500,000 acquisition. Over the years he invested another $200,000 improving the two units and eventually took-back $200,000 in depreciation. The property values continued to grow in his area and, when he decided to sell, the duplex had appreciated to $1.5 Million in value. Bob contemplated his $1 million in long-term capital gains tax dilemma and asked himself, “Could there be a way to legally and lawfully avoid paying any capital gains tax?” He would soon realize the answer was “yes”.

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On a side note, prior to purchasing, Bob had considered using a Self-Directed IRA or Roth to build his real estate portfolio – but elected not to take advantage of either. The minor costs involved in establishing an LLC structure and paying annual custodial services were not a deterrent. Even risks of turning the entire retirement account into a taxable event because of a self-dealing or prohibited transaction were not insurmountable. But the taxes would still come due for the Self-Direct IRA as they were withdrawn during retirement and, for the Roth, taxes would have already been paid going in. It’s not that either option was inherently bad, but neither choice was fully ideal – and so he left the property in his name.

Back to today, depending on his marital status and tax filing election, Bob was looking at paying a substantial amount in long-term capital gains tax under the new 2026 thresholds and he wasn’t keen on relinquishing it. Bob considered utilizing a 1031 exchange at the time of the sale but, while that was an intriguing idea, he would be forced to invest into another property of like-kind in a limited period of time. He needed a way to invest freely, as he saw fit, without all of the rules, risks and restrictions. Bob wanted to pay-down debt on other properties he held, reducing stress and increasing cash-flow. He also wanted to diversify his investments into precious metals and cryptocurrency, and desired to help his children with their college education and medical bills. Being tied-up in yet another real estate investment until retirement wasn’t going to help him accomplish his goals either.

The Solution

Bob chose to seek other existing solutions, and discovered the Benson Financial Irrevocable Spendthrift Trust. When he read the Legal Opinion drafted for an authorized agent Asset Protection Services of America Trust, he realized the answers he needed could be found within their proprietary trust instrument. Bob learned the original trust documents were drafted by two attorneys and Harvard School of Law professors. The first, Austin Wakeman Scott, authored the nine-book volume “Scott on Trusts” recognized as the leading treatise and authority on trust law in America. And the second, his protege’ Robert N. Benson, an experienced attorney who worked with a prominent wall street law firm providing legal acumen to high-net-worth individuals.

Their combined knowledge and experience enabled them to draft a trust based on contract law, established entirely upon the constitutional laws of our nation. Not only was their unique trust structure legal and lawful to the core, its very essence was rooted in the Internal Revenue Code and Treasury Regulations, and is supported by case law. In-fact, their trust documents were Copyrighted in 1999 as an original work. The Copyright Office duly noted that it was the first and only trust in American history to have ever been copyrighted. Having never heard of such a thing, Bob was encouraged to know the trust had already been in use for over half-a-century. Nobody wants to be a guinea pig. Knowing over 125,000 other clients had successfully made use of the trust before him (over a period of 53-years without ever having lost an audit), gave Bob the peace-of-mind and sufficient courage to move forward.

The Strategy

Bob purchased a book containing the copyrighted trust and was provided assistance in making use of those materials. He received his Certification of Trust, and corresponding Employer Identification Number (EIN) issued by the Department of the Treasury, with the proprietary Trust Agreement and supporting documents. Bob then prepared to sell his duplex into the trust by calculating his “Basis”. Taking the purchase price of his property ($500,000) and adding what he spent on improvements ($200,000), Bob subtracted from that ($700,000) amount the depreciation already taken ($200,000) and had his “basis” amount for his sale ($500,000).

Purchase Price + Improvements
(Less Depreciation) = “Basis”

In keeping with contract law, a Bill of Sale was prepared for Bob and he sold the duplex out of his individual name and into the trust at the agreed upon amount of $500,000. A Promissory Note was executed in financial consideration for the sale, and title was transferred by Quitclaim or Warranty Deed. The duplex was listed for sale at $1.5 Million and Bob signed-off on all the closing documents in his capacity as trustee of the trust. After the property was sold and the closing completed, the entire $1.5 Million was transferred from escrow to the bank account under the name and EIN of the trust.

Bob did not incur any capital gains taxes on the sale of the property into the trust, as the amount of the sale was equal to his after-tax investment in the property, and saved him between $154,478 (Married Filing Jointly) and $177,239 (Married Filing Separately). Likewise, the Irrevocable Spendthrift Trust did not incur any capital gains tax from the sale of the duplex as, in accordance with the copyrighted trust agreement and IRC §643(a)(3), the entire sale amount was allocated to the corpus (or body) of the trust.

IRC §643(a)(3) – Capital Gains and Losses

“Gain from the sale or exchange of capital assets shall be excluded to the extent that such gains are allocated to corpus and are not (A) paid, credited or required to be distributed to any beneficiary during the taxable year, or (B) paid, permanently set aside, or used for the purposes specified in §642(c). Losses from the sale or exchange of capital assets shall be excluded, except to the extent such losses are taken into account in determining the amount of gains from the sale or exchange of capital assets which are paid, credited or required to be distributed to any beneficiary during the taxable year. The exclusion under §1202 shall not be taken into account.” [Emphasis Added]

The Savings

The entire $1.5 Million from the duplex property sale is now firmly in the trust’s bank account, without any taxes having been removed. Bob is the acting trustee over the trust and authorized signatory over the trust bank account. Thus “Trustee Bob” may, at his sole and absolute discretion, determine the “how, what, when, where, why, or even if” trust assets shall be utilized. Under the original and proprietary trust agreement, there are no requirements whatsoever for the trustee to distribute any monies to the beneficiaries during the taxable year. So, Bob is now free to pay-down existing trust debts and/or re- invest those monies into any other form, including but certainly not limited to, precious metals, cryptocurrency or even additional real estate investments which may, or may not, be of like kind – all in a time frame of his choosing. Here is what Bob saved on this transaction alone, and he could only imagine what that amount might grow to over time!

The Summary

The Trust is not a perpetual tax avoidance scheme, but a tax deferral mechanism, without all the cumbersome rules, risks and restrictions. Should Trustee Bob “distribute” cash to the beneficiaries, that could inevitably lead to a taxable event for the said beneficiaries. Distributions for health, education, maintenance and support (HEMS), are often taxable to the beneficiary if they consist of taxable income generated by the trust. However, if the distributions are from the trust’s principal, they generally are not taxable income to the beneficiary as indicated by standing IRS Private Letter Rulings. Additionally, IRC §2503(e) provides that qualified transfers made directly to an educational institution or medical care provider for someone else’s benefit are not subject to gift tax.

While the scope of benefits from utilizing our Benson Financial Trust exceeds the purview of this overview, upon Bob’s death, the trust experiences no probate court, no death tax, no estate tax, no inheritance tax, no generational-skipping tax, and no stepped up basis on trust assets. Instead, the beneficiaries may become the new trustees and immediately take-over control of all trust assets. Not even spouses of the new trustees may invade assets of the trust given the spendthrift provisions supersede pre-nuptial and post-nuptial agreements. This is how many wealthy families have taken humble beginnings and grown them into impressive estates, allowing the control of that wealth to be passed-on from generation to generation. “Own nothing; control everything.” You don’t have to wait to be a multi- millionaire to take advantage of our irrevocable spendthrift trust. Quite the opposite. Your chances of becoming a millionaire improve exponentially by taking advantage of our original, proprietary and copyrighted Benson Financial Irrevocable Spendthrift Trust.

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Documentation

Please visit our Irrevocable Spendthrift Trust webpage and download the Free Information Package with Legal Opinions on our Benson Financial Trust today. Visit us at www.AssetProtectionServices.com.

Consultation

To “Schedule an Appointment” just ‘click’ on the top right-hand corner of any page at https://www.assetprotectionservices.com/ and reserve your free 90-minute consultation now.

Disclaimers

“ Bob” is a fictional character and any resemblance to real persons, living or dead, is purely coincidental and unintentional. No representations or warranties are given or implied to render any accounting, financial, investing, legal, tax or other professional advice.

MEET JAY BUTLER

Jay Butler is the Trustee of Asset Protection Services of America Trust, Manager of State Trustee Services LLC and the former Vice-President of Sales and Marketing for Corporate Support Services of Nevada, Inc. Mr. Butler holds a Bachelor’s Degree of Fine Arts from Boston University.

Jay has provided customized business entity structuring for clients in all 50 states along with some of the most respected names in the industry including the Jay Mitton organization “the father of asset protection” and Real Estate Investor Association seminars. He also appeared in numerous magazine articles in Reality 411, Ca$h-Flow and REI Wealth.

While working with Wealth Protection Concepts, LLC under the tutelage of the former Las Vegas and North Las Vegas city attorney Carl E. Lovell Jr. (now deceased from Leukemia), Mr. Butler was bestowed the title of “Asset Protection Planner” for his competency and experience. He also co-authored the first edition of his book “Cover Your Assets: Legal Authorities on Asset Protection, Tax Strategies and Estate Planning” © 2006 with Dr. Lovell.

When residing in Zug, Switzerland, Mr. Butler was the Associate Director of “CO-Handelszentrum GmbH” providing Swiss company formation and administration services and executed a full-range of fiduciary responsibilities including client support and international corporate compliance services (KYC, FATCA, AML and FATF).

Jay builds his relationships through consistent attention to detail and reliable support. He has traveled extensively throughout the United States (having visited 49 of the 50 states), explored 40 nations worldwide, and has lived in a total of 7 countries throughout North America, Central America, the Middle East, North Africa and Europe. Jay holds dual citizenship in the United States and Italy and permanently resides with his wife and daughter in Puglia.

Asset Protection Services of America Trust

Jay Butler, Trustee

732 South 6th Street

Suite N

Las Vegas, Nevada 89101-6948

Office: (775) 461-5255

Website: www.AssetProtectionServices.com

No Income? You Can Still Claim a Home-Office Deduction

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By Robert P. Russo, CPA PC

Question: My CPA said that if I didn’t have any business income this year, I couldn’t take a home-office deduction. Is that true?

Answer: Absolutely not. Even in a year with no income, claiming your home office deduction can provide valuable tax benefits.

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Why Your Business Loss Still Matters

If your business had no income, it might seem like deductions don’t matter—but that’s incorrect. Whether you:

  • Started a business late in the year, or
  • Had expenses exceeding income

You may have a tax loss that carries forward to future years. Under the 2025 tax law, these losses are called net operating losses (NOLs). Think of NOLs as a tax deduction savings account you can apply to future profitable years.

Bad Advice #1: Don’t File a Return

Skipping your tax return because you had no income is costly:

  • Filing documents to your NOL carryforward, reducing future tax liability.
  • Claiming all deductions, including home-office expenses, maximizes future savings.

Planning Tips for this year:

  1. Always claim your business deductions—even in a loss year.
  2. File your tax return to secure NOLs and carryover deductions.

Bad Advice #2: Skip the Home-Office Deduction

Your home-office deduction has two major benefits, even if you had it this year:

1. Convert Personal Miles to Business Miles

Without a home office, trips from home to clients or offices count as personal commuting—nondeductible.

Example:

  • 22-mile round-trip to a client = personal miles
  • 18-mile round-trip to a co-working office = personal miles

With a home office as your principal place of business, these trips become deductible business miles.

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2. Preserve Your Home-Office Deduction Carryover

Even if you don’t benefit this year, your home-office expenses carry forward under the 2025 law. Failing to claim the deduction now = no future-year benefit.

Tip: To qualify, report your home office as your principal place of business on your Schedule C.

Additional 2025 Tax Benefits

  • NOL Carryforward: Your business loss, including home-office expenses, may create a net operating loss that reduces taxes in future years.
  • Mileage Deduction: Trips from home to clients or second offices are now business miles, increasing deductible expenses.
  • Future Tax Savings: Deductions claimed during a loss year offset future business income.

Key Takeaways

Even without current-year business income, claiming your home-office deduction in 2025 ensures:

  1. Deduction carryover to offset future profits
  2. Business mileage instead of nondeductible commuting
  3. NOL generation to reduce future tax liability

Bottom line: Never skip your home-office deduction or fail to file your return just because your business had no income. Doing so may cost you thousands in future tax savings.

Need guidance? Contact us to maximize your home-office deduction, NOL carryforwards, and other business tax strategies.

MEET ROBERT P. RUSSO, CPA PC

As the founder and principal of Russo CPA, P.C, Bob pleasantly surprises clients (plus the IRS and lawyers) with his proactive, caring, and interested approach. Bob’s authentic passion for both numbers and people is why his accounting firm is sought after by everyone from solopreneurs to CFOs. And it’s what energizes his fast-growing team of top CPAs who follow his lead by providing impeccable service to clients – without the CPA geek speak.

The only thing geeky about Bob is his favorite reading material: the latest tax regulations, codes, and rulings (so he can secure every possible tax advantage for his clients). You might mistake Bob for the charismatic entrepreneur and CFO behind an internet travel startup or a visionary real estate developer. That’s because he held those roles during his 30-year career as an accountant, which began at a high-profile accounting firm. While CPAs aren’t required to have “field” experience, the best ones do. But Bob doesn’t define success by his own achievements, it’s what he achieves for his clients. Because of his entrepreneurial past, Bob relates so well to his clients. In addition to serious tax savings most firms would miss, he empowers his clients with real-world accounting and financial insights to increase business.

Bob is even results-driven outside of work, whether it’s finishing the 2012 NYC Iron Man or volunteering for 12 years as President of a kids’ soccer league. While his bottom-line results are always impressive, what matters to Bob are the people who benefit from them.

When he’s not immersed in accounting, Bob is with his family, cooking up elaborate 18-course meals or globetrotting.

Robert P Russo CPA PC
Certified Public Accountants
231 W. 29th Street (bet 7th & 8th Ave)
Suite 500
New York, NY 10001
O: 212-279-9800
C: 917-207-9278
F:866-396-2310
www.robertprussocpa.com 

Locating Private Money Loans: Building a Network for Referrals and Identifying Opportunities

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By Dan Harkey

Master Educator | Business & Finance Consultant

The private money lending industry offers significant growth and potential to succeed. Real property borrowers often seek financing alternatives outside of banks and institutional lenders. One such alternative is private money lending, a niche designed for non-bankable or non-traditional loan transactions —loans that do not meet the strict criteria of traditional banks, such as those with lower credit scores or unique property types.

To review the article on my website, click here: https://danharkey.com/post/locating-private-money-loans

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Who Are Private Money Lenders?

Private money lenders are typically individuals or private entities, including companies or investment funds, that invest directly in loans. These lenders are not subject to the same regulatory constraints as banks, allowing for more flexible underwriting —such as considering the property’s value rather than the Borrower’s credit score —and faster funding—ideal for borrowers who don’t meet conventional lending criteria and need quick access to capital.

How Do Loan Agents and Lenders Find Private Money Opportunities?

Identifying potential borrowers who may need private money loans requires a combination of research, observation, and networking. Traditional methods include:

  • Reviewing public records from title companies to identify properties with low loan balances.
  • Monitoring building permits for additions or renovations, which may indicate a need for financing.
  • Tracking delinquent property taxes, which can signal financial distress.
  • Targeting first-time homebuyers, who may not qualify for conventional loans.

In the past, title companies provided databases listing loans with private beneficiaries—an indicator that a Borrower had previously used private money. However, due to privacy regulations, access to these lists has become limited.

Property and Borrower Profiles Likely to Need Private Money

Certain property types and Borrower situations are more likely to require private money financing:

  • Properties on loan default lists
  • Properties with delinquent property taxes
  • Properties that show visible signs of deferred maintenance
  • Properties owned by heirs or beneficiaries of deceased owners
  • Properties already encumbered by existing private money loans

While these indicators are useful, building a statistical model to predict private money loan needs remains challenging due to the variability of borrowers’ motivations and circumstances. It’s important to remember that this is a common challenge in the industry, and not a reflection of your abilities.

My Motto: “You Locate a Buyer; You Do Not Create a Buyer.”

The most effective way to find private money lenders is to cultivate a broad, diverse professional network. Focus on professionals who regularly interact with potential borrowers or investors:

  • Mortgage brokers (both private money specialists and conventional)
  • Residential and commercial real estate agents
  • Accountants, enrolled agents, and CPA firms
  • Estate planning, divorce, and probate attorneys
  • Financial planners and wealth advisors
  • Real estate and business litigation attorneys
  • Contractors, builders, and developers
  • Income property owners and speculative investors

Building and Leveraging Your Network

There are many ways to build a list of these professionals. Consider this: if you have 500 contacts in your network, and each of them has 500 contacts, your potential reach is 250,000 people.

To stay top of mind, consistently provide value to your network. Avoid generic newsletters or mass marketing. Instead, send personalized, authentic communications that demonstrate your expertise and help your contacts grow their own businesses.

The Power of Referrals

Referrals and repeat clients are the lifeblood of successful loan agents and business professionals. Those who master the art of networking and relationship-building often find themselves in the top 20% of producers, earning 80% of the income. The rest? They struggle to gain traction. By recognizing the value of referrals, you can appreciate the role your network plays in your success.

Approaching professionals for referrals is both an art and a strategy. Here’s a practical, relationship-driven approach tailored to your work in private money lending:

1. Start with Value, not a pitch

Before asking for anything, offer something of value. This could be:

  • A market insight or trend relevant to their industry
  • A helpful article or white paper you’ve written
  • An introduction to someone on your network who could help them

Example:

“Hi , I came across a recent update on property tax delinquencies in [County] and thought it might be useful for your clients. Let me know if you’d like a copy.”

2. Identify the Right Professionals

Focus on those who are already in touch with your target borrowers:

  • Mortgage brokers
  • Real estate agents
  • CPAs and enrolled agents
  • Estate planning and probate attorneys
  • Contractors and developers
  • Financial advisors

3. Use a Warm Introduction

If possible, get introduced through mutual contact. If not, reference a shared connection, event, or interest.

Example:

“I noticed we’re both connected to [Mutual Contact] and work with similar clients. I’d love to learn more about your business and explore ways we might help each other.”

4. Be Clear About What You Do

Professionals are more likely to refer clients if they understand your niche and how you can help.

Example:

“I specialize in private money loans for clients who don’t qualify for traditional financing—often due to credit issues, property condition, or timing constraints. I work quickly and transparently, and I’m always happy to be a resource for your clients.”

5. Ask for the Referral—Tactfully

Once rapport is established, make a straightforward but low-pressure ask.

Example:

“If you ever come across a client who needs fast, flexible financing and doesn’t fit the bank’s box, I’d appreciate the opportunity to help. I’m happy to jump on a call or meet in person to discuss how I work.”

6. Follow Up and Stay Top of Mind

  • Send occasional updates or success stories.
  • Celebrate their wins (e.g., “Congrats on the recent closing!”).
  • Always thank them for any referral, even if it doesn’t convert.

7. Be a Credible Expert

  • Demonstrate knowledge: Share insights on market trends, regulatory changes, or case studies that show your expertise.
  • Be transparent: Clearly explain your process, fees, and expectations. Professionals need to trust that you’ll treat their clients with integrity.
  • Show results: Share success stories or testimonials (with permission) that highlight how you’ve helped clients in challenging situations.

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8. Be Reliable and Responsive

  • Follow through: Do what you say you’ll do—on time, every time.
  • Communicate proactively: Keep your referral partners in the loop. Let them know when you’ve contacted their referral and how things are progressing.
  • Be available: Prompt responses build confidence. Even a quick “Got your message—will follow up shortly” goes a long way.

9. Make Them Look Good

  • Treat their referrals with respect and professionalism.
  • Avoid hard selling. Focus on solving problems, not pushing products.
  • If a referral isn’t a fit, refer them back or to someone else who can help. This shows integrity.

10. Educate and Empower

  • Offer to host a short lunch-and-learn or webinar for their team on private money lending.
  • Provide referral guides or FAQs they can share with clients.
  • Help them understand when a private money loan is appropriate—so they refer the right clients at the right time.

11. Give Before You Ask

  • Refer clients to them when appropriate.
  • Promote their services in your newsletter or social media.
  • Invite them to network events or industry mixers.

12. Stay in Touch—Genuinely

  • Send personalized updates, not mass emails.
  • Celebrate their wins (e.g., “Congrats on your new office!”).
  • Check in periodically without an agenda—to say hello or share something useful.

13. Be Patient and Consistent

Trust takes time. Some professionals may not refer right away, but if you stay visible and valuable, they’ll think of you when the right opportunity arises.

Thank you,

Dan Harkey

Master Educator | Business & Finance Consultant

949 533 8315 [email protected]

Website www.danharkey.com

Are You Interested in Learning About Tax Sales? Join Ken Letourneau “The Tax Sale Master” Tomorrow

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Hello Friends,

We hope you are having a blessed Sunday. We thank you for being a part of our Realty411 network where our mission is to provide life-changing REI knowledge. With this in mind, we would like to invite you to a new virtual educational session with Ken Letourneau, known as “The Tax Sale Master”.

Ken has spoken at our Realty411 events in California and we want to make sure our national network has access to his incredible knowledge. Investors, be sure to join his webinar to increase your knowledge about Tax Sales across the nation.

NEW CLASS: November 24, 2025 – 6 pm PT, 7 pm MT, 8 pm CT, 9 pm ET

REGISTER HERE

Ken Letourneau known as “The Tax Sale Master”

For the past 15 years, Ken Letourneau, known as “The Tax Sale Master”, has specialized in the niche market of purchasing properties through local government tax sales, also known as tax sale investing. This strategy has attracted major Wall Street firms like BlackRock and JPMorgan Chase due to its lucrative potential.

With tax sale investing, you can earn returns of up to 25% on your money or even acquire properties for as little as $1,000.

Ken Letourneau is a seasoned real estate professional with over 25 years of experience in the industry. He has specialized in tax lien certificates and tax deed properties and is actively participating in tax sales auctions across the United States.

Ken’s expertise extends beyond his personal ventures. He now dedicates a significant portion of his time to educating others in the intricacies of tax sales auctions. Be sure to register for his free training.

Attend a Live Online Tax Auction Training With Ken Letourneau, The Tax Sale Master

  • 6pm PT | 7pm MT | 8pm CT | 9pm ET
  • 100% Online | FREE to Attend | Limited Seats

NEW CLASS: November 24, 2025 – 6 pm PT, 7 pm MT, 8 pm CT, 9 pm ET

Bonus Depreciation & Other Year-End Business Tax-Saving Tools

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By Robert P. Russo, CPA PC

As this year comes to a close, business owners seeking to reduce their taxes for 2025 have a variety of opportunities. Here’s a look at two tax-saving tools: bonus depreciation and retirement plan contributions.

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Assets Eligible for Bonus Depreciation

First-year bonus depreciation has been given new life under the legislation commonly known as the “One Big Beautiful Bill Act” (OBBBA). It had been scheduled to be only 40% for 2025 (60% for certain long-production assets) and to vanish after 2026. The OBBBA permanently reinstates 100% bonus depreciation for eligible assets acquired and placed in service after January 19, 2025. Acquiring eligible assets and placing them in service by Dec. 31, 2025, could significantly reduce your 2025 tax liability.

Eligible assets include most depreciable personal property, such as:

  • Equipment,
  • Computer hardware and peripherals,
  • Certain vehicles, and
  • Commercially available software.

Also eligible is qualified improvement property (QIP), defined as improvements to the interior of a nonresidential building that was already placed in service. QIP doesn’t include costs to change the building’s internal structural framework (such as enlargement). These costs must generally be depreciated over 39 years.

Unlike Section 179 expensing, which is limited to $2.5 million for 2025 (up from $1.25 million before the OBBBA) and subject to a phaseout, the amount of bonus depreciation a taxpayer can claim is generally unlimited. But there are other tax consequences to consider.

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Beware of the Excess Business Loss Rule

Individual taxpayers who have losses as a sole proprietor or as an owner of a pass-through entity (partnerships, S corporations, and, generally, limited liability companies) may inadvertently trigger the excess business loss rule when they claim bonus depreciation. The excess business loss rule allows business losses to offset income from other sources (such as salary, self-employment income, interest, dividends, and capital gains) only up to an annual limit. Amounts above that limit are excess business losses. For 2025, this is the excess of aggregate business losses over $313,000 ($626,000 for married couples filing jointly).

Excess business losses can’t be deducted in the current year and must be carried forward to the following tax year. Such losses can then be deducted under the rules for net operation loss carryforwards. As a result, an individual taxpayer’s 100% first-year bonus depreciation deduction can effectively be limited by the excess business loss rule.

Save Taxes by Saving for Retirement

Tax-favored retirement plans can provide significant savings for small business owners, both by building retirement security and by reducing taxes. Contributions are tax-deductible (or pre-tax, if you’re contributing as an employee).

One of the simplest options is a Simplified Employee Pension (SEP) IRA. If you’re self-employed, you can contribute up to 20% of your net income to a SEP IRA, with a cap of $70,000 for the 2025 tax year. If your own corporation employs you, the contribution limit is 25% of your salary, also capped at $70,000. The tax savings can be substantial.

Other options include 401(k)s, SIMPLE IRAs, and defined benefit plans. Depending on your age and income, some of these options might allow you to make even larger contributions. Ask your tax advisor for details.

Wrapping it Up

The permanent restoration of 100% first-year bonus depreciation creates tax-saving opportunities for taxpayers while they expand their business potential. And a tax-favored retirement plan is beneficial for you, your business, and your employees. Every business is different, so it’s essential to consult a tax professional. Contact our office for help tailoring your tax strategies for 2025 and beyond.

MEET ROBERT P. RUSSO, CPA PC

As the founder and principal of Russo CPA, P.C, Bob pleasantly surprises clients (plus the IRS and lawyers) with his proactive, caring, and interested approach. Bob’s authentic passion for both numbers and people is why his accounting firm is sought after by everyone from solopreneurs to CFOs. And it’s what energizes his fast-growing team of top CPAs who follow his lead by providing impeccable service to clients – without the CPA geek speak.

The only thing geeky about Bob is his favorite reading material: the latest tax regulations, codes, and rulings (so he can secure every possible tax advantage for his clients). You might mistake Bob for the charismatic entrepreneur and CFO behind an internet travel startup or a visionary real estate developer. That’s because he held those roles during his 30-year career as an accountant, which began at a high-profile accounting firm. While CPAs aren’t required to have “field” experience, the best ones do. But Bob doesn’t define success by his own achievements, it’s what he achieves for his clients. Because of his entrepreneurial past, Bob relates so well to his clients. In addition to serious tax savings most firms would miss, he empowers his clients with real-world accounting and financial insights to increase business.

Bob is even results-driven outside of work, whether it’s finishing the 2012 NYC Iron Man or volunteering for 12 years as President of a kids’ soccer league. While his bottom-line results are always impressive, what matters to Bob are the people who benefit from them.

When he’s not immersed in accounting, Bob is with his family, cooking up elaborate 18-course meals or globetrotting.

Robert P Russo CPA PC
Certified Public Accountants
231 W. 29th Street (bet 7th & 8th Ave)
Suite 500
New York, NY 10001
O: 212-279-9800
C: 917-207-9278
F:866-396-2310
www.robertprussocpa.com 

Enhanced SALT Tax Break Will Help Many Homeowners

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By Robert P. Russo, CPA PC

The One Big Beautiful Bill Act (OBBBA), enacted on July 4, will allow more taxpayers to fully deduct their state and local tax (SALT) expenses (including property tax). Here are the details.

SALT Deduction Expanded

Under the Tax Cuts and Jobs Act, the itemized deduction for SALT was limited to $10,000 ($5,000 for married individuals who file separately) beginning in 2018.

This limitation negatively affected taxpayers living in locations with high state income tax rates and those who pay high property taxes because:

  • They live in a high-property-tax jurisdiction,
  • They live in a location with high property values,
  • They own an expensive home, or
  • They own both a primary residence and one or more vacation homes.

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Under the OBBBA, for 2025 through 2029, the SALT deduction limit increases from $10,000 to $40,000 (or $20,000 for separate filers) with 1% annual inflation adjustments. So, for 2026, the cap will be $40,400 ($20,200 for separate filers).

But unless Congress takes further action, the SALT deduction limit is scheduled to revert to the prior-law limit of $10,000 ($5,000 for separate filers) in 2030.

Note: Several states have established SALT deduction workarounds for pass-through entities. These workarounds aren’t addressed or limited by the OBBBA.

Smaller Benefit for Some Taxpayers

Under the OBBBA, for 2025, the higher SALT limit begins to be reduced for taxpayers with modified adjusted gross income (MAGI) over $500,000 ($250,000 for separate filers). These thresholds will also be increased by 1% annually for 2026 through 2029.

When a taxpayer’s MAGI exceeds the applicable threshold, the otherwise allowable SALT deduction limitation is reduced by 30% of MAGI above the threshold, but not below $10,000 ($5,000 for separate filers). Here’s an example: Greg and Tina are a married couple who file jointly and live in a high-tax state. For 2025, their combined SALT expenses are $60,000. Their MAGI is $550,000 for 2025, which is $50,000 above the applicable threshold. Therefore, their SALT deduction for 2025 is limited to $25,000 [$40,000 minus (30% times $50,000)].

Because of the 30% reduction, the expanded SALT deduction doesn’t benefit taxpayers with MAGI at or above $600,000 ($300,000 for separate filers).

Deducting State and Local Income vs. Sales Tax

The SALT deduction continues to be available for property taxes plus the total state and local income taxes or the total of all sales taxes. Choosing to deduct sales taxes is a helpful option if you owe little or nothing for state and local income taxes, or you made a major purchase that causes your sales tax to exceed your state and local income tax.

If you opt to deduct sales tax, you don’t have to save all of your receipts for the year and manually calculate your sales tax; you can use the IRS Sales Tax Calculator on the IRS website to determine the amount of sales tax you can claim. (It includes the ability to add actual sales tax paid on certain big-ticket items, such as a car.)

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Start Planning Now

If you have high SALT expenses, to get the maximum benefit from the increased deduction limit, you need to plan carefully between now and year-end. For example, you may want to take steps to keep your MAGI under the reduction threshold. Or you might want to accelerate property tax payments into 2025.

Contact our office for help determining the right strategy for your specific situation.

MEET ROBERT P. RUSSO, CPA PC

As the founder and principal of Russo CPA, P.C, Bob pleasantly surprises clients (plus the IRS and lawyers) with his proactive, caring, and interested approach. Bob’s authentic passion for both numbers and people is why his accounting firm is sought after by everyone from solopreneurs to CFOs. And it’s what energizes his fast-growing team of top CPAs who follow his lead by providing impeccable service to clients – without the CPA geek speak.

The only thing geeky about Bob is his favorite reading material: the latest tax regulations, codes, and rulings (so he can secure every possible tax advantage for his clients). You might mistake Bob for the charismatic entrepreneur and CFO behind an internet travel startup or a visionary real estate developer. That’s because he held those roles during his 30-year career as an accountant, which began at a high-profile accounting firm. While CPAs aren’t required to have “field” experience, the best ones do. But Bob doesn’t define success by his own achievements, it’s what he achieves for his clients. Because of his entrepreneurial past, Bob relates so well to his clients. In addition to serious tax savings most firms would miss, he empowers his clients with real-world accounting and financial insights to increase business.

Bob is even results-driven outside of work, whether it’s finishing the 2012 NYC Iron Man or volunteering for 12 years as President of a kids’ soccer league. While his bottom-line results are always impressive, what matters to Bob are the people who benefit from them.

When he’s not immersed in accounting, Bob is with his family, cooking up elaborate 18-course meals or globetrotting.

Robert P Russo CPA PC
Certified Public Accountants
231 W. 29th Street (bet 7th & 8th Ave)
Suite 500
New York, NY 10001
O: 212-279-9800
C: 917-207-9278
F:866-396-2310
www.robertprussocpa.com