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
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
During your lifetime, your retirement account has good asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Your heirs could be left penniless. Fortunately, there is a solution to this problem. A special trust called a “Standalone Retirement