The Shrinking Gift Tax Exemption: Going, Going, Gone!

Now that the year 2021 is quickly becoming a distant memory, it is time to write or update your financial plan for 2022. One of the important elements of the plan is the gifts that you are going to give to family, friends and non-profits. We will discuss the basic rules of taxes on gifts and will be happy to address any complex scenarios that you may run into. These rules are likely to change for the worse, by 2025 at the latest. Continue reading for more details.

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Your Parents’ Estate Plan and How it Impacts You

Impact on Workload

There are several ways in which your parents, or indeed, any family member’s estate plan impacts you. First, you may be asked to play an active role in the processing of the estate, and that may or may not have been directly communicated to you. You could be the executor of the estate or hold your parents’ power of attorney and would need to know their intentions. Things you should be able to address are:

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4 Ways to Avoid the Estate Tax for High Net Worth Families

Many high net worth individuals have worked very hard to accumulate wealth and build something of value that they can pass on to their families once they are gone. However, their heirs may be faced with exorbitant tax bills associated with this transfer of wealth when the time comes.

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5 Tips to Avoid Probate

It may be a difficult subject to navigate, but when it comes to estate planning, there are certain steps you should take now to avoid probate. Probate—the court proceedings that transfer ownership of an estate from the decedent to their benefactors upon death—is a timely and costly process that can take a toll on grieving families. Probate can also be incredibly confusing and take months or years to sort out. And because it is a court proceeding, it becomes public record. The good news is, depending on your assets, there are several things you can do to avoid probate proceedings. Here are five ways to avoid it in California:

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How the Proposed Tax Increase Reform May Affect You

woman doing taxes

During the week of September 12th this year, news began circulating of President Biden’s proposed tax increase to offset up to $3.5 trillion that they plan to spend on the social safety net and climate policy. While it is still in the initial proposal stages, if passed, this tax increase would affect top corporations and wealthy individuals—and thus would also potentially create big changes with things such as estate and gift tax exemptions. This proposed bill would go into effect in 2022. If it sounds familiar that’s because it shares many elements of the 99.5 Percent Act proposed by Senator Bernie Sanders and Senator Sheldon Whitehouse earlier this summer—which proposed many reduced monetary thresholds involving estate and gift federal tax liabilities.  Let’s take a deeper look into the details of this new tax increase proposal and what they might mean for you.

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Post-Election Tax Strategies

man crunching numbers

Now that tax season is wrapping up, we can all take a deep breath. With the pandemic looming over all of us in 2020, change has become the only thing we can consistently count on these days.

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All About White-Collar Crimes

man in cuffs

When a person hears the word “crime,” images of bank robberies or people being mugged in dark alleys easily come to mind. But violent crime isn’t the only form of crime. Crimes committed by business and government professionals with the intention of gaining a financial advantage, property, or services, without using violent means, is known … Read moreAll About White-Collar Crimes

New Year’s Resolution Estate Planning!

pile of money with plant growing out of it

It’s the new year and with that comes new goals! Usually, people vow to get in better shape or to save money for something big. However, we tend to start off strong and have no follow-through. Creating an estate plan is a lot like getting into better shape. We all know we should do it, but most of us never make it to the finish line because the task seems daunting.

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Changes to Estate Planning Due to Proposition 19

man calculating numbers

In November’s recent election, California passed Proposition 19 (Prop 19), which has changed two important California property tax assessments that could have a lasting impact on your estate planning.

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