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
As we are enjoying these last few days and weeks of summer, perhaps travelling or spending time at the beach, is it possible that estate planning isn’t the first thing on our minds? ? When you hear the phrase “estate plan,” you might first think about paperwork. Or your mind might land on some of the uncomfortable topics that estate planning
Although leaving your hard-earned assets outright to your adult children, grandchildren, or other beneficiaries after you die may seem like the easiest and most desired form of distribution for the beneficiaries, this scheme will make their inheritance easier prey for creditors, predators (e.g. lawsuits), and divorcing spouses. Instead, consider using discretionary trusts (aka continuing trusts) for the benefit of each of
I’m an Estate Planning paralegal with a focus on Trust Administration. Trust administration is the process of carrying out the terms and wishes of the creators of the trust because something has happened to them – such as incapacity or their passing away. Unfortunately, in all the years that I have been a Trust Administration Paralegal, I have never run into
My guess is when you searched Google on what exactly Estate Planning Paralegals do, your search provided a very ordinary, solid, routine list of tasks. Estate Planning Paralegals support the attorney by talking and meeting with clients. Estate Planning Paralegals also prepare drafts of trusts, wills and other estate planning documents. I have been working as an Estate Planning Paralegal for
I started writing this blog post a couple of months ago before the health issue that I’ve been dealing with for a few decades became a more near-term focus. I hope that it can be helpful to our clients and friends who have faced or are facing personal or family health issues of their own. I have a kidney disease known
Whatever type of business you have, customer service will always be important. How does it feel when you call a business and they remember who you are? It feels awesome, right? It is like when Norm (from the 1980’s sitcom “Cheers”) walks into the bar and what happens…wait for it………. Everyone yells, “NORM!” It feels like home and you are important.