If you’re thinking about gifting your children their inheritance early, you’re not alone. Studies suggest that these days, nearly two-thirds of people over the age of 50 would rather pass their assets to the children early than make them wait until the will is read....
Although inflation is generally nothing to be pleased about, the IRS recently announced inflation-adjusted changes to the annual gift tax annual and estate tax exclusions for 2023. If you are considering wealth transfer tax planning, these are welcome increases. Gift...
When considering your estate plan have you considered how taxes affect your estate? Some of the more commonwealth transfer strategies for estates may have significant impacts due to tax law change proposals on the precipice of being enacted into law. While it is too...
When an asset, such as property or cash, is transferred to another person without getting anything in return a gift tax may be applied. The asset has to be of a certain value for the tax to apply; otherwise, it falls under the gift tax exclusion, either annual or...
On March 25th, 2021 a new bill, “For the 99.5% Act,” was introduced into Congress by Senator Bernie Sanders and Representative Jimmy Gomez. The bill’s current form is only 18 pages long, but its potential impact on federal estate and gift tax laws...
As the Biden Harris Administration has begun its first 100 days, noting the President’s tax plan is crucial for higher-income households to understand and likely make adjustments to their financial and legacy planning. That said, middle-class households should pay...
This year, the 2020 election holds many important decisions for voters, especially for California residents. On November 3rd, California residents will do more than elect new government leaders. They will also vote on two separate amendments to the California...
When a California home or other real estate is sold or transferred to another person, with the exception of some limited circumstances, property taxes will increase due to triggering a reassessment of the Prop. 13 tax base. The good news is that these exemptions...
The new tax bill has been signed into law and will have a direct impact on 2018. One of the main goals for the Tax Cuts and Jobs Act was to simplify your taxes and this will be the case for many Americans.  According to the Wall Street Journal, “tens of millions of...
A Cup of LoveFebruary 6, 2023
