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When George Bailey is standing on the bridge, despairing that he has let his family down, he thinks of Mr. Potter's taunt: "You're worth more dead than alive." Potter, of course, has set the scene for the rest of the movie, as George learns his life lesson. "It's a...
If your estate plan were a movie, who would you cast in the supporting roles? First, there should be an attorney, the skilled estate planning professional who knows California probate and tax law and who can come up with all kinds of strategies to maximize what your...
We are almost done with our overview of how to determine if you must pay a capital gains tax on the sale of your home. A quick recap of the last two posts: Start with what you paid for the home, then add anything that increased the value of the property and deduct...
Those of us who remember publisher-millionaire Steve Forbes' presidential campaigns may still be able to close their eyes and hear his mantra: "Do the math." His platform was based on instituting a flat tax rate for income tax. It sounds so easy. But so does a...
When implementing an estate plan in California, it is essential to ensure that you receive the proper compensation for the amount of time and work you are putting in. The probate court will look through the amount you charge to see if it is reasonable, especially if...
California families have an exemption for their estate that keeps it from being subject to income taxes. However, above that $11.7 million, the estate tax bill could get large. This is why they need to take measures to reduce the size of their taxable estate. Life...
Not every inheritance involves paying estate taxes, but some estates rise above the federal exclusion amount. California residents that feel familiar with state and federal tax rules might not realize changes could happen. Namely, proposals intended to raise tax...
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