When most people think of estate planning, they picture the transfer of wealth and assets. Parents often leave money and property to their children and grandchildren, for instance. In such cases, being the executor of a loved one's estate may be a welcome and...
Month: November 2015
Remembering Willie Nelson’s unique tax debt solutions
The tax troubles of celebrities are often fodder for gossip columns. Are these stories relevant to most Americans? Often, the answer is no. But in a few cases, there are lessons to be learned from how certain celebrities settled debts with the Internal Revenue...
New estate tax proposal debated
A Congressional bill recently introduced would modify the manner in which we pay the federal estate tax. This would give taxpayers inheriting money the choice between paying the estate tax or, in the alternate, paying a small percentage of their gross income for a...
The confusing nature of IRS capital gains rules
A capital gain is simply the profit you receive as a result of selling a capital asset. When there is sale of the asset after owning it for a short period of time, such sale results in short-term capital gain treatment. If sale of the asset takes place after holding...
Will IRS focus audits on super wealthy only?
Many people get nervous when they hear the term “IRS audit," but very few Americans are actually audited. In fact, less than 1 percent of people who file individual tax returns are audited, and the IRS chooses people carefully, focusing on higher earners.During...
Your business needs an estate plan, too
If you own a business then you have two types of estate planning to think about: personal and business. Ultimately, business estate planning answers the question, “What will happen to your business when you are gone, and how will that take place?”Chances...
Estate planning considerations for single professionals
Estate planning decisions are usually pretty straightforward for married people. Most often, your spouse is your main beneficiary and the person you choose to handle medical decisions in the case of incapacity. But what if you are single?A recent article from the New...
Do estate taxes apply to me and can I avoid them? (2 of 2)
Welcome back. We are currently discussing methods of reducing or avoiding the federal estate tax, which applies to property that is passed to heirs upon death. The most important thing to point out is that estate taxes do not apply to everyone. In fact, 99.8 percent...
Do estate taxes apply to me and can I avoid them? (1 of 2)
Federal estate tax applies when property such as cash, stocks, real estate and other property is transferred from a deceased person to his or heirs. However, estate tax does not apply to everyone. In fact, only about two out of every 1,000 estates in the U.S. are...
Recent Blog Post
Even a fortune can disappear without sound estate planning
Some figures baffle.Like the speed of light. Like the age and size of the universe. And like estimates pegging the personal fortunes of America's richest families.Consider this imagery relevant to the storied Vanderbilt family for a moment: a pile of money equaling...
Broad, measured thinking out of the box promotes sound estate planning
"You own this." Those words might sound frightening to a would-be California estate planner, but they are actually meant to promote a feeling of empowerment rather than intimidation. It is no secret that legions of...
Remarrying couples unquestionably need to focus on estate planning
Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new realities.Don't be one of them. Many remarrying California individuals fail to timely consider and update existing estate plans to reflect new...
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