The end of the year is fast approaching, and amidst the hustle and bustle it’s easy to overlook some crucial tasks. One such task that often gets pushed to the back burner is estate planning. However, getting a jumpstart on your estate plan now can bring you peace of mind and ensure your family’s financial […]
Tax Planning
Preparing for Year-End
As the year is quickly coming to a close, it’s a perfect time to conduct a year-end review of your estate planning documents and strategies. Estate planning ensures that your assets are protected, your loved ones are cared for, and your legacy is secure. Here are the essential steps to prepare for the end of […]
Protecting Your Children’s Education
As parents, one of our most significant responsibilities is to ensure the well-being and future success of our children. One essential aspect of this duty is providing them with a quality education that equips them with the necessary tools to thrive in an ever-changing world. With the rising costs of higher education, planning for your […]
Making the Right Choice for Your Estate
When it comes to estate planning, creating a trust can be an excellent way to safeguard your assets and ensure they are distributed according to your wishes. Trusts offer flexibility and control, allowing you to protect your wealth and provide for your loved ones even after you’re gone. Before diving into the world of trusts, […]
Is Signing Away an Inheritance the Best Option?
Inheritance is often viewed as a significant windfall that can bring financial security and stability to one’s life. However, there are situations where individuals may choose to sign away their inheritance willingly. This decision, although unconventional, can carry various benefits depending on personal circumstances and considerations. What does Signing Away an Inheritance Mean? Signing away […]
7 Ways to Know Your Assets Are Protected
Protecting your assets is an essential part of financial planning, whether you are just starting out or are already established. Your assets are what you have worked hard for, and you want to make sure that they are secure and protected. Here are some tips for protecting your assets: Protecting your assets requires planning, diligence, […]
Gifting Your Kids an Early Inheritance? Consider This…
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. It can be especially satisfying to fund our children’s dreams […]
Gift & Estate Tax Exclusions Rise in 2023
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 Tax Annual Exclusion Effective January 1, 2023, the gift tax annual exclusion will increase from […]
How Changes in Tax Laws Impact Your Estate Plan
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 early to know what will become law, the House Ways & […]
California Gift Taxes Explained
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 lifetime. If the gift is above […]
“For the 99.5% Act” and How It Can Affect Estate Planning in California
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 significantly affects estate planning. While it is impossible to determine if the […]
What is Critical to Understand for the Biden Tax Reform
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 attention, too. While, generally speaking, the sweeping changes to the tax code will aim to levy […]
The 2020 Ballot Impact on California Property Taxes
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 constitution seeking to change its long-standing real estate tax law – known as Proposition 13. The […]
Common Mistakes to Avoid When It Comes to Property Tax Reassessments in 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 involve transfers and inheritances among certain types of family members. However, […]
Understanding Ways The New Tax Bill Can Help Your Family
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 wage earners, […]