It is always important to review that there are five key areas of financial planning: Preservation, Retirement Planning, Investments, Tax Planning, and Estate Planning As a comprehensive financial services firm, we try to always consider the impact of any recommendation we make on not just one, but all of these areas for our clients. The webinar focuses primarily on the economy’s outlook and some year end tax planning ideas which could have an impact on some of your financial … [Read more...] about Webinar Recording: 2019 Year-end Tax Planning for Investors
The Tax Cut and Jobs Act (TCJA) is now officially law. Both the House and Senate passed the new tax reform bill in December with straight party-line votes and no support from Democrats. President Trump signed it into law right before Christmas. It is the first overhaul of the tax code in more than 30 years. In this issue of The Elder Counselor, we will mostly look at how this tax law is likely to impact seniors and persons with disabilities. It’s Good News for Most Americans Retirees, … [Read more...] about How Will Tax Reform Impact Seniors and Persons with Disabilities?
Real estate, stocks and bonds, are a few examples of investments typically made with the hope of earning a profit at some point in the future, when the asset is sold. However, be sure that when you decide to sell those valuable assets, and you make that anticipated profit, the federal government will be waiting to take its share. This is known as the "capital gains tax." Understanding the capital gains tax, and how the IRS calculates it, can be helpful in finding ways to lower the amount of … [Read more...] about Free Report: What You Should Know About Capital Gains in California
The marital deduction is certainly one of the most powerful estate planning tools at your disposal. This deduction allows all assets passing to a surviving spouse to pass tax free when the first spouse dies. However, this does not solve the estate tax problem. That is because, if the surviving spouse cannot take advantage of the marital deduction when he or she passes away. Marital Deduction Defined Under federal tax laws, married couples are allowed to give an unlimited gift to their … [Read more...] about What is the Marital Deduction in Los Angeles?
Estate planning attorneys are often asked what happens to property taxes for real property when that property is transferred to a living trust. The purpose of a living trust is to provide a way for planning the management of your property if you become unable to do so yourself, due to incapacity. A living trust can also allow you to determine how your property should be distributed upon your death, similar to a will. In many cases, when real property is transferred into a trust, the title … [Read more...] about Property Taxes and Living Trusts in California
Estate planning involves preparing yourself and your family for the possibility of incapacity and the inevitability of death. Different estate planning tools can be used to create a plan depending on which type of plan you need. You can certainly prepare for both by creating a comprehensive plan. Planning for the future is very important. For one thing, planning ahead will allow you to ensure that your property is inherited by the people you choose, while reducing the amount of estate taxes … [Read more...] about What Is Estate Planning?
Dying intestate in Los Angeles means dying without a will. How your property is distributed in that situation, depends largely on which relatives survive you. Each state has its own set of laws regarding “intestate succession,” including California. In order to inherit in California, it is required that the person outlives you by 120 hours. So, for example, if you and your sister are involved in a car accident where your sister died only a couple of hours after you, her estate will not … [Read more...] about If I Die Intestate in Los Angeles, How will my Property be Distributed?
So, someone just gave you a gift, and you are wondering whether you will be required to pay any taxes on it. It depends on the situation. Is it an inheritance, as opposed to a gift from someone who is still living? What is the value of the gift? Inheritance taxes may apply Whenever you receive money, personal property or real estate from someone’s estate when they die, you will be required to pay an inheritance tax. The executor of the estate will divide the assets from the estate and … [Read more...] about Do I have to pay taxes if someone gives me money?