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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Climbing the Tax-Efficiency Pyramid to Lower TaxesThe opportunity to take action to reduce income tax for 2015 ends in 51 days. The attached article summarizes the primary income tax planning tools that attorneys and CPAs help clients implement at year-end. While I know you may be familiar with some of the attached strategies, we can assist...
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Benjamin Franklin Said It Best"The only things certain in life are death and taxes." - Benjamin Franklin As California residents, we enjoy this wonderful weather, sunshine, beaches and mountains. Unfortunately, California residents have the second highest capital gains rates in the world, second only to Denmark. We face some of the very highest combined...
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The Benefits of a Q-Tip TrustIs a Q-Tip Trust Right For Your Situation? Depending on your situation, you may wish to include the odd-sounding "Q-tip trust" in your estate plan. The name derives from a special estate tax break for "qualified terminable interest property." An Extra Source of Protection for Your Children Q-Tip trusts are...
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Co-Trustees or Co-Personal Reps: A Good Idea? Or Recipe for Disaster?When drafting a trust or a will, you need to decide who'll be the trustee, or personal representative handling your estate when you die. Individuals who serve in these roles are fiduciaries with a duty to properly administer your estate. When selecting a trustee or personal representative, many people gravitate...
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Harnessing the Power of the Internet Today and TomorrowOver the last two decades, the Internet has become an increasingly important part of our everyday lives. Now that Internet penetration levels are nearing saturation for many demographic groups, many technology experts are speculating about how the Internet will continue to affect our personal and work lives over the next...
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20 FAQs about Required Minimum DistributionsThe rules for required minimum distributions (RMDs) can be bewildering, frustrating and potentially expensive to retirement savers and their beneficiaries. Avoid the Year-End Crush Taxpayers subject to required minimum distributions (RMDs) have until December to calculate and schedule RMDs from qualified plans and IRAs. It's not unusual for people to...
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The IRS Takes a Proactive Stance Against Identity Theft and Tax ScamsThe Federal Trade Commission estimates as many as 9 million Americans have their identities stolen every year. Although the security of personal data is a top priority of all types of entities, the IRS is especially vigilant, because tax-related identity theft is the most common form of reported identity theft....
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Rules on Deducting Business Start-Up ExpensesA recent U.S. Tax Court decision drives home the important point that current deductions aren't allowed for most expenses incurred while a new business is still in the start-up phase. Other decisions have dealt with the same issue in recent years. So, the proper federal income tax treatment of start-up...
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Client Success StoryA business owner's 20-year experience with a competent attorney. This documentary explores the 20-year experience that Ed and Georgette Stormo had growing from a small entity to over a 30 Million Dollar corporation with over 225 employees. It demonstrates the critical role a competent attorney plays through a business owner's...
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IRS Cracks Down on Tax ID Theft: Could You Be a Victim?As the 2013 tax filing season opened, the IRS announced a national crackdown on identity theft schemes aimed at stealing taxpayers' refunds. The tax agency announced there were 734 enforcement actions in January of this year, including indictments, search warrants, complaints and arrests. This follows 2,400 enforcement actions against identity...
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Minimize Capital Gains with the Two-Year Installment Sale!Everything that you wanted to learn about the two-year installment sale but were too afraid to ask… For California residents, the maximum capital gains tax rate is 37.1%. Planning to minimize capital gains is more important now more than ever before. A little patience may provide the ability to make...
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When Should You Select a Professional Trustee?One of the most vital decisions to ensure preserved legacy and proper estate execution is electing the right professional or family trustee for investing and properly distributing your estate. Desirable characteristics of a trustee include being well-organized, well-rounded, and functionally capable of administrating your trust as provided by?the document, and...