What are 529 plans? Can they be held in trusts? Read on to learn more about these plans and why to consider them. What Are 529 Plans and What Are Their Advantages? … [Read more...] about What Are 529 Plans and What Are Their Advantages?
Estate Planning
Are Beneficiaries Entitled to a Copy of the Will?
If you are expecting the traditional “reading of a will” that you see on tv or in the movies, that is rarely how it works. In fact, there is no legal requirement that a will be read aloud to anyone. But, you may be wondering whether beneficiaries are entitled to a copy of the will. It is the personal representative (executor) who determines who will receive a copy of the will or be notified of its contents. Once the will is filed with the probate court, then it becomes public record and anyone … [Read more...] about Are Beneficiaries Entitled to a Copy of the Will?
What Are the Most Important Things I Need to Know About Estate Planning?
One of the primary reasons clients seek out estate planning is the desire to preserve their estates for their loved ones. Without an estate plan, your family might be left with many unwanted consequences, including hefty tax burdens and other costs. More importantly, if you want to make decisions regarding your estate yourself, instead of leaving those decisions to a probate judge, then you want to have an estate plan. Let our Los Angeles estate planning lawyers help you get started by … [Read more...] about What Are the Most Important Things I Need to Know About Estate Planning?
What is a Revocable Living Trust?
A revocable living trust is a favorite among clients when it comes to probate avoidance. Most clients are seeking ways to avoid the lengthy and expensive court proceeding. In the absence of a trust or some other estate planning tool, estates are required to go through probate. However, before you choose a living trust for your estate plan, you should be familiar with the advantages and disadvantages of this popular estate planning tool. What is a Living Trust? A “living trust” is a trust … [Read more...] about What is a Revocable Living Trust?
State Income Taxation
States are all over the board in their taxation of income. Some tax at a low rate, some tax at a high rate, and some don’t tax at all. Read on to learn more about state income taxation and how you could avoid it. State Income Taxation … [Read more...] about State Income Taxation
State Income Taxation of Nongrantor Trusts
States are all over the board in their taxation of income. This is doubly true when it comes to the taxation of nongrantor trusts. By using nongrantor trusts, you could avoid the state income taxation of property in that trust. Read on to learn more. State Income Taxation of Nongrantor Trusts … [Read more...] about State Income Taxation of Nongrantor Trusts
New Tax Proposals
There are two new tax proposals being floated. One is an income tax proposal and the other is a wealth tax proposal. Read on to learn more about these proposals and whether they might impact you or your clients. New Tax Proposals … [Read more...] about New Tax Proposals
Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
TOD / POD, beneficiary designations, and joint tenancy can be simple ways to transfer assets at death. However, these simple methods lack some of the benefits of a trust. Read on to learn more. Beneficiary Designations, etc., Aren’t a True Substitute for a Trust … [Read more...] about Beneficiary Designations, etc., Aren’t a True Substitute for a Trust
SALT Deduction Limit…Can You Get Around It?
The Tax Cuts and Jobs Act increased the standard deduction amount. However, it also limited itemized deductions for state and local taxes (SALT) on the federal income tax return. Read on to learn what works (and what doesn’t work) to maneuver around the $10,000 SALT limitation. SALT Deduction Limit…Can You Get Around It? … [Read more...] about SALT Deduction Limit…Can You Get Around It?
Tax Tips after New Year
The New Year is here. Can you do anything to reduce your tax liability for 2018? This article provides a few tax tips now that we’ve begun another year. Read on to learn more. Tax Tips after New Year … [Read more...] about Tax Tips after New Year
