Bay Area Estate And Tax Planning Law Firm
How much can I give and not pay taxes?For year 2015 California residents may give up to $5.43 million in inheritance money without having to pay taxes on it. If your estate exceeds that amount the estate tax rate is 40 percent. Does this amount change?You...
Many parents and grandparents want to help their children and grandchildren out financially and not have to put the money into a trust for later use.Gifting thousands of dollars is easy to do when your children are grown adults and know how to handle money. But what...
The good news is this number just went up. Currently you can give away $14,000 per individual per year and not pay gift tax penalties.Even better, any gifts of $14,000 or less do not count towards your total $5.45 million total exemption (this number represents the...
In January, the world was saddened to hear about the death of pop star David Bowie. Although his celebrity peaked in the 1970s and 80s, he continued to make music up until his death at the age of 69, when he died of cancer.Mr. Bowie will be remembered not just for his...
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...
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...
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...
We are still talking about -- or, as a 12-year-old niece would say, still talking about -- sales tax and its impact on estate planning. We admit that 12-year-olds may not be the only ones that were hoping for more drama here -- trust us, if we could think of a way to...
Are there more taxes in retirement that are dreamt of in your estate plan? When we talk about planning for our golden years, we talk about sources of income and how to plan for emergencies. Many of us have sat through difficult dinner table conversations about...