The SECURE Act (which took effect in January, 2020) really impacted the rules for beneficiaries of retirement accounts. Many people haven’t caught up to the new rules. Clients who have significant retirement assets need to talk and think through their beneficiary designation choices in the context of the new laws. (continue reading below for notes) Let’s meet and check in for a fresh look at your
Since President Biden’s election, we’ve been peering into our crystal balls to see what changes our higher-net worth clients can expect with respect to taxes on their estates, capital gains and income. Although we still don’t know exactly what changes will take effect and when they will be implemented, all signs strongly point to the window closing within the next few months on
Wishing you a wonderful Summer and reaching out as we get ready for Fall. Some of you may be sending your young adults to college for the first time or returning there. This is a reminder that for those Legacy Program Clients who have young adult children 18-25 years old, we are happy to provide simple HIPAA Authorizations and Advanced Health Care
Every 2-4 years, a change in Congress or our President results in a mini-barrage of newsletters, workshops (well webinars during covid) and other literature detailing the changes. This year is no exception as increased spending associated with the pandemic has increased the likelihood of future tax increases on capital gains and larger estates.
Watch this short video that briefly explains the importance of aligning your assets with your family’s estate planning documents. In 2017, I decided to work with a Nevada attorney who I know and trust to create an additional component to my estate plan. Like many of you who have created an estate plan, I worked with the attorney for a few weeks on
I often joke that my grandparents were the original “millionaires next door.” Neither of them ever made over $40k in a single year – my grandfather was a meter reader for the DWP in Los Angeles and my grandmother was a teacher. They had a number of attributes that led to building wealth in their later years. They did a remarkable
Don’t Look Back and Wish You’d Seen the Opportunity to Save Taxes for Subsequent Generations through Lifetime Gifting Heading into a volatile election season, the risk of higher income and estate taxes in 2021 and beyond is a very real concern for our affluent clients. Today’s federal income and estate taxes are historically low (even if it might not feel
Under today’s laws, very few American families need to worry about the 40% estate tax being applied to their loved ones’ inheritances. An individual can pass $11.58M without estate tax and a married couple just over $23M. However, under tomorrow’s laws (tomorrow being the end of 2025), more families will need to be creative to avoid estate tax – the exemption amounts are set to
Pretty much all California real estate owners are aware of Proposition 13, the benefit granted to existing real estate owners, restricting property tax increases to a maximum of 2% per year. Many real estate owners are also aware of Proposition 58, which provides a “parent-child exclusion” from the normal rule that eliminates Proposition 13 protection from any change in ownership. Proposition
WOW! I can’t believe I just celebrated my (lucky) 13th-year anniversary with the firm in August. Not many employees today can say that they have been with the same employer for that long. Studies say that most employees in 2019 stay at an employer for 3.2 years. Yikes, I would be on my 4th employer by now!! I remember first getting