Our regularly updated blog discusses a variety of issues related to business, tax, and estate planning in California. Learn why an estate plan is necessary regardless of age or income, what steps you can take to reduce your tax liability and protect your assets, how to ensure your business remains on a solid legal foundation, and much more.
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Is This Your Situation: Transferring or Selling a Family-Owned Business?Is This Your Situation: Transferring or Selling a Family-Owned Business You’ve worked your entire life to build a family business, and now it’s time to pass it on. But how and when you sell the family-owned business can determine what you owe. The following strategies will help you minimize the...
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In The News: John's Article in Born2Invest Discusses a Possible Tax Planning Opportunity for Foreign InvestorsRecent US tax court ruling provides tax savings opportunity for foreign investors The U.S. Tax Court rejected the IRS position about taxing foreign investments in a U.S. partnership, which can lead to the opportunity for tax savings. Published 2 weeks ago on August 14, 2017 By John Goralka On July...
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6 Things I Learned from Robert JordanI recently had the opportunity to spend an afternoon with Mr. Robert Jordan. Robert has been launching and growing companies and helping other entrepreneurs do the same for the past twenty years. His first company, Online Access, put him on Inc. magazine’s Inc. 500 list of fastest growing companies, Online...
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What You Need to Know About BasisFor many years, the focus for estate planning was minimizing estate tax. The higher estate tax credits and the potential for estate tax repeal creates a need to now focus on income tax planning. Income tax requires an understanding of basis planning. First, let's start with what "basis" means. Your...
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The Money Side of DivorceWhile divorce may end a marriage, it doesn't end obligations to one another. In many relationships, one spouse is more financially well-off than the other. In a divorce, this earning discrepancy means that the poorer partner is entitled to receive spousal support, or alimony, to help him or her establish...
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Tips on How to Retain your Social Security, Medical, and Retirement Benefits After Your Spouse Has PassedYour spouse dies, and after the initial grief, you find your prescription that never cost a cent before is suddenly priced at $195. Whoa! You go home grumbling to yourself — what do they mean?! Are the benefits that came through your spouse gone? If you've been receiving health insurance...
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Tips on How to Incorporate Your Digital Property into Your Estate PlanThanks to the Internet, most companies provide you with the option to receive electronic statements, set up auto payments or pay your bills online. Many businesses are in favor of these methods and support online account management and paperless billing. It’s less expensive, more convenient and more environmentally friendly for...
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Planning Opportunities to Consider If You or Your Loved Ones Are in Need of Special Needs PlanningEstate planning may be more complex for parents whose heirs have mental disabilities or other impairments that limit their ability to take care of themselves. The unique requirements of special needs children constitute a large and growing niche. The U.S. Census Bureau reports that 10 percent of American families have...
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The Goralka Law Firm Had the Privilege of Sponsoring Hospice of San Joaquin’s 2017 Kentucky Derby WestThe Hospice of San Joaquin hosted one of the most fun, unusual and interactive events that John and Toni had ever been to. The Goralka Law firm had the privilege of being a sponsor and participating in this special event. The proceeds from the event benefited the Hospice of San...
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Worried About Estate Tax? Information on Who May Be Subject to Federal and State Estate TaxesYou may be subject to state and federal estate taxes if you've gotten a windfall — but it has to be a lot. These thresholds, which are indexed for inflation, are currently over $5 million for individuals and $10 million for couples. The IRS taxes only the portion of the...
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Overview of the Different Types of Trusts Available and How You Can Use a Trust to Manage Your Family's WealthTrusts are easy to understand: they basically establish a legal entity that will hold funds or assets for the person who created the trust—called the "grantor" or "donor." The grantor will appoint an entity that will manage the trust, such as a bank or trust department, and a beneficiary—the person...
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Learn How a Life Insurance Trust Can Help Minimize Your Estate TaxA life insurance trust is a form of irrevocable trust that invests the proceeds of a life insurance policy into a trust with designated beneficiaries. Most life insurance policies are owned by the insured. The money is paid when the insured dies, but the payment made to the beneficiaries is...