At The Goralka Law Firm, we think outside the box. Our founder, Estate Planning and Tax Attorney, John Goralka, started the firm in 1996 in Sacramento, CA as a single father with two young children—an experience that has given him a deep understanding of the creativity, hard work, and sacrifice necessary to turn dreams into reality.
Today, our extensive knowledge of Business, Tax, and Estate Planning matters provides us with the ability to deliver unique solutions to our clients' needs, in Sacramento and throughout California, instead of relying on a quick Band-Aid fix that will eventually cause more problems than it solves. Here's a small sample of some of the successes we've achieved for our clients:
- For a client with an $88 million estate holding substantial income producing real property, we were able to provide plan to transfer real property worth over $50 million out of his estate for estate tax purposes. In addtion, only 3% of the value of the real estate was reassessed for property tax purposes, and the client receives approximately 84% of the net income from the property for life. The client retained control over the $50 million in property interests through control of the business entity and the Trust holding the property interests.
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Saved our client approximately $1 million in tax, penalites and interest on a $2.9 million payment for deferred compensation and retirement payments. The California Franchise Tax Board asserted those funds were taxable, even after our client moved from California to Colorado. After an 18 month battle, The Goralka Law Firm was able to establish that Federal Law precluded California from taxing these funds because my client was now a Colorado resident. The California Franchise Tax Board withdrew its notice as a result of the appeal and protest.
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Implemented a tax savings plan for a lottery winner with a $2,500,000 investment, providing income tax deductions of over $1,700,000, a tax savings of nearly $900,000, income for life (with investment control on $1,500,000), and a remainder of over $1,100,000 income tax-free in 10 years (with investment control during the 10-year period).
- Reinstated an inherited IRA as a tax-deferred retirement account after the client inadvertently transferred the securities from a qualified account to a non-qualified taxable account. The reinstatement was completed more than two (2) years after the withdrawal. As a result, we successfully appealed the assessment of additional Federal and California Income Tax of over $450,000.
- Successfully administered over 1,000 trusts for clients that passed away.
- Expertly designed and implemented over 2,500 estate plans avoiding probate; continuing core family values and goals; better protecting the clients’ children and loved ones from divorce, lawsuits, and creditor claims; and minimizing income and estate tax.
- Established an asset protection plan for the owner of a number of restaurants in the Los Angeles area protecting personal assets and investment from a claim of over $1,000,000 related to one (1) restaurant.
- Successfully negotiated an “as is” stock sale of a combined group of construction companies for approximately $12,000,000.
- Established a Medi-Cal Asset Protection Trust for a client to protect an apartment complex worth over $1,000,000.
- In a multi-state tax appeal with the California Franchise Tax Board, we successfully resolved the appeal and received a judgment against the Franchise Tax Board for our fees.
- Created a Premarital Agreement, Financial Confidentiality Agreement, and Separate Property Asset Protection Trust for the son of third-generation family business owners. Years later, while the son was a resident of Texas, the Premarital Agreement was challenged in court. After a full trial, the Premarital Agreement was fully respected, and all the family business assets were protected. The judge, in his ruling, complimented our client on the thoroughness, and specificity of the Premarital Agreement and the related legal instruments.
- Obtaining a $2,750,000 estate tax refund upon filing an amended or supplemental estate tax return ( IRS Form 706) that was sustained after an IRS audit. The original estate tax return was prepared by an experienced estate planning firm that represented the family for many years. The Goralka Law Firm was able to identify other reporting methods and additional deductions that provided the family a $2,750,000 estate tax savings, a transformational result.
None of us can predict what the future will hold, but our firm will provide the support you need to make informed decisions about the best way to reach your goals. Whether you're seeking to lower taxes on lottery winnings, create a trust to leave a lasting legacy for your loved ones, or expand a family-owned business, we can help. Contact us today in our Sacramento Estate and Tax Planning office, whether you are in Sacramento or anywhere in Califonia, to get started.
