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
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
Shocking to most people, the retirement account you leave for your spouse can be seized in a divorce, lawsuit, or bankruptcy. 3 Options Available To Surviving Spouses When your surviving spouse inherits your IRA, he or she generally has three options: Cash out the inherited IRA and pay the income tax. WARNING! The cashed-out IRA will not have creditor protection and accelerates