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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Estate Taxes
Take advantage of family gatherings to discuss estate planning and taxes
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,...
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...
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...
Helping those in California navigate through estate tax laws
While it is true that most people do not like to contemplate their own passing, it is something they must do if they want to ensure their estate is in order and will be properly administered - particularly if significant assets are involved. For most, there are...
Avoid the gift tax in life and minimize conflict after your death
Parents who want to avoid disputes after their passing have at least one great option that they can use to do prevent them. It's a simple solution: giving gifts while they're still alive.While parents may want to leave inheritances to their children, it's a good idea...
How to account for foreign assets in an estate plan
Here’s an initial point to note concerning today’s above-posed blog headline: You unquestionably do need to spotlight all foreign financial holdings you control and ensure legal compliance with Internal Revenue Service mandates. If you don’t, there will literally be a...
The ABCs of federal estate taxes
The idea of estate taxes can be troubling. If you have extensive property that has a value of $10 million or more (if you are married), estate taxes can become a very real concern. However, for some people, estate taxes are never an issue. When you pass, the last...
Tax authorities cite estate, gift-tax “loophole;” vow change
OK, a suitable preface to today's blog post is certainly an up-and-front disclaimer that its subject matter is not exactly egalitarian.That is, what follows is not going to readily apply to most readers of this or any other tax blog. Nonetheless, we believe that the...
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The executor’s duties when protecting your estate
After writing a will, one of the next steps is to name the executor of an estate in California. This person is placed in a high position of trust and assigned a list of sole responsibilities to fulfill. The estate executor has a good number of tasks that starts with...
What does an estate executor do?
You've heard it said that we can't "take it with us" when we pass away. This means we'll likely leave behind lots of documents, financial obligations, or possessions for loved ones to take care of when we die. When you assign someone in your family to take care of...
How to avoid common estate planning mistakes
Although many Californians tend to put it off, estate planning is one of the most important things you need to do during your lifetime. This task is even more crucial as you get older. As most people are inexperienced with the process, they can easily make mistakes....
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