Managing real estate investments in California is fraught with difficulties. Having to worry about tax liability while you are dodging legislative hurdles – rent control, local government planning commissions, and short-term eviction bans – counters most wealth-building strategies. While we can help with those issues too, this article is focused on capital gains tax relief. Particularly how not to get burned by taxes when closing out a real estate position with a 1031 Exchange.
Estate Planning
The Differences Between Revocable and Irrevocable Trusts
You have probably seen someone– a non-lawyer likely– selling living trusts, offering numerous promises, including “saving money,” avoiding probate, and reducing or avoiding taxes. Some salespeople will say that living trusts ensure privacy or can be used to prevent actions by creditors, including the government and health care providers. There are even trust “mills” that pump out trusts with little to no regard for the actual needs and desires of clients. It is imperative to make sure that you hire an expert to achieve your objectives. Attorneys have studied trusts in law school, know the place of trusts in an estate plan, and can provide a holistic solution for their clients that consider all of the circumstances of the household. Below, we will discuss the differences between revocable and irrevocable trusts and how a proper lawyer can help you achieve the goals mentioned with the correct legal instrument.
Read moreThe Differences Between Revocable and Irrevocable Trusts
3 Estate Planning Resolutions for the New Year
With another year behind you, it is a great time to review your estate plan. If you do not have an estate plan, it’s a great time to start one. Here are three estate planning resolutions you should consider for 2019: Estate Planning Resolution #1: Have the Talk There is no easy time to bring … Read more3 Estate Planning Resolutions for the New Year
How to Incorporate Your Digital Life into Your Estate Plans
In this modern age, our digital life has become almost as important as our normal everyday lives. Our online accounts, emails, social media profiles and digital subscriptions are all a part of our daily routines, so it’s natural to think about what will happen to them when you pass away. An estate planning attorney can … Read moreHow to Incorporate Your Digital Life into Your Estate Plans
What Are the Benefits of Micro Estate Planning?
Traditional estate planning can reduce your taxes, eliminate large probate fees, and give you security for the future. However, you might be unfamiliar with a brand-new estate planning term: micro estate planning. What Is Micro Estate Planning? Long-term planning is important, and it should still be considered in your overall estate planning process. However, it … Read moreWhat Are the Benefits of Micro Estate Planning?
Aretha Franklin’s Death Without a Will is a Reminder to Think About Your Estate Plans
According to documents filed in probate court, Aretha Franklin left no will or trust behind when she died. Without proper documentation of her assets, a net-worth estimated beyond $80 million and rumored debts, figuring the true worth of Franklin’s estate will likely be controversial and take time. If Franklin voiced any wishes for her estate … Read moreAretha Franklin’s Death Without a Will is a Reminder to Think About Your Estate Plans
Will I Get My Spouse’s Inheritance?
Inheritance laws help control the rights of the decedent’s property and how much is inherited by each of his or her survivors. California is a community property state, which means the law presumes all property acquired during a marriage is owned equally by both spouses. However, property one spouse owns alone before a marriage or … Read moreWill I Get My Spouse’s Inheritance?
The Importance of Having a Living Trust in California
How Will You Prevent Lengthy Probate Proceedings? The basic purpose of a living trust is to ensure that an appointed trustee of your choosing gains all property or other assets upon your passing or incapacity. If the individual who is in control wants to change details of the trust, they can apply for a revocable … Read moreThe Importance of Having a Living Trust in California
5 Important Estate Planning Lessons You Should Know
According to research conducted by the University of Pennsylvania, only 29.3 percent of Americans have a healthcare directive specifying their end-of-life wishes. Perhaps even more stunning, a survey from Caring.com found that less than half of adults in the U.S. have prepared estate planning documents, such as wills or living trusts. Here are five tips … Read more5 Important Estate Planning Lessons You Should Know
Your Will – And Other Important Estate Planning Documents
Your will is an important document that can ensure that your property will make it into the right hands once you pass away. Without a will, your property is at risk of being divided according to California’s rules of interstate succession. While these rules will mean that your property will be passed down, it is … Read moreYour Will – And Other Important Estate Planning Documents