The Top Issues You Need to Know About When Co-Owning Property with Your Children
When reviewing a new or existing client’s estate, I’m often presented with the situation of my client owning a home with their child. Typically, their child cannot qualify to take out a mortgage on...
View ArticleCalifornia Waives First Year Franchise Board $800 Minimum Fee for LLCs, LPs...
California Assembly Bill 85 was enacted to make numerous changes to the California Revenue and Taxation Code. One of those changes eliminated the annual $800 minimum tax for Limited Liability Companies...
View ArticleIRS Regulations Regarding the SECURE Act Rules for Beneficiaries of...
While the SECURE (Setting Every Community Up for Retirement Enhancement) Act became law in late 2019 affecting retirement accounts, the Internal Revenue Service has only recently proposed how to...
View ArticleBlack Panther Star, Chadwick Boseman, Died Without a Will
After fighting a long battle with colon cancer, at the young age of 43, famed actor Chadwick Bozeman, of Marvel‘s Black Panther movie, died without a Will in place in 2020. The late actor’s wife...
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Why Some May Want to Set Up an Irrevocable Grantor Trust Now
Recently I was thinking about the estate tax exemption cliff that will happen at the end of 2025 and the rule of 72. We have many clients in the medium to large category regarding the size of their...
View ArticleWhen Can a Specific Bequest Fail in a Trust or a Will?
Careful drafting of wills and trusts that clearly specify the intentions of the person creating the will or trust and the nature of their bequest is essential to avoid unnecessary litigation as is...
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Current State of the Federal Estate Tax
Under the current tax law, the federal Estate & Gift Tax exemption is $12,060,000 (2022). At the outset, this may appear to many that they do not need to worry about the estate tax. Without passage...
View ArticleWhat is a Clayton Election Trust?
A Clayton Election trust is a type of revocable married couple trust that creates some tax flexibility for medium to larger sized estates. It includes the option to create an irrevocable QTIP trust...
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How to Legally Protect Yourself When Your Teenager Starts to Drive
Last week, my son took and passed his driver’s license test at the DMV. My husband and I were ecstatic and very proud of him. But as soon as the idea of him driving around by himself sunk in, we both...
View ArticleHow to Fund Your Revocable Trust
First of all, let’s explain what it means to “fund” your living trust since this terminology tends to confuse a lot of people. Funding your trust simply means putting assets into the name of your trust...
View ArticleWhat Is a Retirement Plan Trust?
A Retirement Plan Trust is a trust that acts as a shield or barrier to insulate the principal of your qualified retirement accounts such as an IRA or 401K from the trust beneficiary's creditors, a...
View ArticleProp. 19 and Its Effect on the Parent-Child Property Tax Reassessment...
I often get questions from clients on this topic, so I thought a brief article was in order. There is a lot of confusion out there on this new law that went into effect in 2021.On February 16, 2021,...
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Prop. 19 Parent-Child Reassessment Exclusion Limited to $1MM
As a follow up to my post last week, I wanted to dig into what the Parent-Child Exclusion from Reassessment covers regarding a transfer of a California home from a parent to a child or a child to a...
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Estate Planning for Digital Assets
Estate Planning Awareness Week is here! This year, we are focusing on the importance of good estate planning for one's digital assets. Digital assets can be personal property (e.g., photos, videos,...
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What is the Difference Between a Will and a Trust?
Wills and Trusts are similar in that both are legal vehicles for passing assets at death and can each be amended throughout the will or trust maker’s lifetime. However, the differences are far greater....
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New Estate Tax Exemption Indexed for Inflation for 2023
Due to the rise in inflation this past year, Revenue Procedure 2022-38 was just recently released announcing the new estate and gift tax exemption amount as well as the new annual exclusion amount for...
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Shall vs. May as Used in Interpreting Trust Language
In trusts, there is a different meaning for the words "shall" and "may" and it can make all the difference when determining if for instance the Trustee is obligated to do something or has the...
View ArticleWhat is the Difference Between a Will and a Trust?
Wills and Trusts are similar in that both are legal vehicles for passing assets at death and can each be amended throughout the will or trust maker's lifetime. However, the differences are far greater....
View ArticleTop 10 Reasons You May Need to Update Your Estate Plan Now
One of the most frequent questions we get asked is "how often do I need to update my estate plan"?Though we typically advise clients to review their estate plans every 3 to 5 years, there are some...
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What Taxes Will My Family Have to Pay When I Die?
The answer to this question will largely depend upon the size of your estate when you pass, who you leave your assets to and the type of assets you leave behind.Though the information below is general...
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