A living trust is a way of holding title to your assets so they will not have to go through probate (a Court supervised estate administration) upon your death. The trust states what happens to your assets if you are...more
With the holiday season fast approaching, it’s not just family and friends that are all around us; the scammers are waiting in the shadows as well....more
Currently, partial equity in a home in California is exempt from being used to pay a judgment lien on the property. That partial exemption is either $75,000, $100,000 or $175,000, depending on a variety of factors, including...more
Did anyone tell you it was National Estate Planning Week? We were not aware. No one sent us a greeting card to remind us....more
The following are intended to be helpful tips to assist you in clearing some clutter while we have some time at home....more
A common misconception is that when you die with a Will, your heirs avoid probate. In California when you die with a Will and the total assets owned in your sole name exceed $166,250, your estate goes through probate (a court...more
5/31/2020
/ Asset Management ,
Beneficiaries ,
Decedent Protection ,
Estate Planning ,
Fiduciary Duty ,
Heirs ,
Inheritance ,
Personal Representatives ,
Power of Attorney ,
Probate ,
Probate Code
With the coronavirus pandemic, many people have asked, “what happens if I die without an estate plan?” Without a properly prepared estate plan, California does your planning for you. ...more
Estate planning is more important than ever as COVID-19 continues its spread. Creating a Durable Power of Attorney for Health Care will enable you to set forth your health care desires and enable you to designate the person...more
Last Sunday I learned that my mother’s dear friend who is very active, hikes daily, gardens daily, does senior yoga weekly, eats a healthy diet, and has many volunteer and social commitments that keep her happy, went on a...more
1/30/2020
/ Asset Management ,
Beneficiaries ,
Beneficiary Designations ,
Estate Planning ,
Inheritance ,
Minor Children ,
Probate ,
Retirement Plan ,
Spouses ,
Tax Benefits ,
Tax Planning ,
Transfer of Assets
Congress recently passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act, or the “Act”) implementing one of the most substantial pieces of retirement plan legislation in years, into law....more
1/7/2020
/ 401k ,
403(b) Plans ,
Beneficiary Designations ,
Compensation & Benefits ,
Eligibility ,
Employee Benefits ,
Employee Contributions ,
Employee Retirement Income Security Act (ERISA) ,
Estate Planning ,
Individual Retirement Account (IRA) ,
Multiemployer Plan ,
New Legislation ,
Part-Time Employees ,
Regulatory Reform ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Tax Credits ,
Tax Planning ,
Tax Rates
As many in the country mourn the loss of Aretha Franklin, some of us are a bit surprised to discover the Queen of Soul passed intestate, without a will or estate plan....more
This week was supposed to be the week Republicans passed a tax bill. It’s unclear what exactly will happen in the immediate future, or if we’ll have to wait for the New Year to see any type of tax reform. If or when we do get...more
12/1/2017
/ Alternative Minimum Tax ,
Charitable Donations ,
Child Tax Credit ,
Estate Tax ,
Gift Tax ,
Income Taxes ,
Local Taxes ,
Pass-Through Entities ,
State Taxes ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
So you have an estate plan? Good for you. You funded it? Even better. But have you updated it and your will in the last year? If you haven’t, your loved ones or favorite charities may be in for an unpleasant surprise. Your...more
4/27/2017
/ 529 Plans ,
Beneficiaries ,
Beneficiary Designations ,
Death Benefits ,
Decedent Protection ,
Disinherit ,
Divorce ,
Employee Retirement Income Security Act (ERISA) ,
Inheritance ,
Life Insurance ,
Marriage ,
Retirement Plan
It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more
12/1/2016
/ Alternative Minimum Tax ,
Business Plans ,
Capital Gains ,
Charitable Donations ,
Death Tax ,
Estate Planning ,
Estate Tax ,
Income Taxes ,
Mortgage Interest ,
Net Investment Income ,
Repeal ,
Selling a Business ,
Standard Tax Deduction ,
Succession Planning ,
Tax Deductions ,
Tax Rates ,
Tax Reform ,
Trump Administration
The Department of the Treasury wants to place limitations on valuation discounts that are currently commonly used to reduce asset values in family-owned and closely-held businesses, in an effort to increase tax revenue. The...more
8/15/2016
/ Business Ownership ,
Business Plans ,
Business Succession ,
Business Valuations ,
Closely Held Businesses ,
Estate Planning ,
Estate Tax ,
Family Businesses ,
Gift Tax ,
IRS ,
Limited Liability Company (LLC) ,
Partnerships ,
Succession Planning ,
Transfer of Assets ,
U.S. Treasury
Tax payers aged 70 ½ or older this year must take a Required Minimum Distribution, or RMD, from their traditional IRAs (Individual Retirement Arrangements), SEP (Simplified Employee Pension) IRAs, SIMPLE (Savings Incentive...more
It may be hard to believe that in 2001, the estate and gift tax exemption, also known as the unified credit, was a mere $675K.
In 2016 that credit is anticipated to go up to $5.45M for single filers; potentially $10.9M...more
11/3/2015
/ Consumer Price Index ,
Estate Tax ,
Estate-Tax Exemption ,
Exemptions ,
Generation-Skipping Transfer ,
Gift Tax ,
Gift-Tax Exemption ,
GST ,
Inflation Adjustments ,
IRS ,
Spouses ,
Tax Code ,
Tax Exemptions ,
Tax Planning ,
Unified Credit Portability
Divorce or separation agreements often require one spouse to maintain life insurance as security for their support obligation. Attorneys often do not address the tax implications if the insured spouse owns the policy. ...more
Late last year, Congress approved nearly $11 billion to fund the Internal Revenue Service for fiscal year 2015 – the lowest allotted amount since 2008, according to CNN Money. As a result, the IRS announced delays in...more
If you've lived at a property for at least two out of the five years before you sell your home, you can consider that property your primary residence or "main home", per the Internal Revenue Service.
The IRS will then...more