As the holidays swiftly approach - and just as swiftly, will depart - warm thoughts of family gatherings combine with other year-end considerations. While, for some, the joy of the season is overshadowed by thoughts of wrapping up the calendar year for tax purposes,...
Bay Area Estate And Tax Planning Law Firm
Month: May 2021
Should my estate plan include a trust?
The following types of estates can benefit from the use of a trust. Putting together an estate plan can be intimidating. The process begins with organizing your assets. Then you need to determine which documents will help you achieve your goals. At some point, you may...
Planning can help prevent estate tax issues
For many families, planning for a transfer of wealth is something they may think about, but never take the time to act upon. Unfortunately, this failure to establish a proper estate plan can significantly affect a family's long term financial stability and can lead to...
Long-term care a vital part of your California estate plan
Don't neglect long-term care planning when crafting your estate plan. When most of us hear the phrase "estate planning," we think about wills, trusts and the possibility of passing along assets to our children or other loved ones. There are other, equally important...
Items that should be addressed in an advance health care directive
An advance health care directive can outline desired medical treatment, who should make medical decisions and what should happen after death. Living wills, also referred to as an advance health care directive, give California residents control over what happens to...
Is it time to take a new look at your estate plan?
A lot of thought goes into an estate plan, but just one life change, whether it is major or seemingly minor, can render an estate plan out of date. Californians of all ages set up estate plans. For example, a married couple in their 30s may want to select potential...
Income taxes: Common small-business deductions
If you run a small company, you may have the opportunity to lower your taxes. A careful analysis of your business can help determine the tax status of various expenditures. The goal is to understand what business expenses are deductible. Solid tax preparation begins...
How to make sure your estate plan covers all of your assets
It's never too early or late to start estate planning; however, no matter when you begin planning, you need to make sure that all of your assets are protected. Estate planning is one of the most valuable steps any adult can take when it comes to protecting both their...
How to Avoid Tax Audits When Running a Small Business
Contrary to popular misconception, small businesses are frequently targeted by the Internal Revenue Service for tax audits. As anyone who has ever been through a tax audit knows, the experience can be a major ordeal - even for those who have done nothing wrong....
How does the new tax law effect my estate plan?
The new tax law may result in a need to update your estate plan. President Donald Trump followed through on his promise to push forward a new tax plan. The new tax has led to numerous changes. These changes likely impact everything from your paycheck to your estate...