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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IRS Aims to Ground More Offshore AccountsDespite reduced resources due to recent budget cuts, the IRS is continuing its efforts to deter illegal tax evasion schemes. Instead of announcing its annual list of the "Dirty Dozen" tax scams for 2015 in one fell swoop, the agency is issuing a press release for each one spanning twelve...
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Estate Planning to Minimize Federal Income TaxesThe traditional estate planning approach, aimed at reducing estate tax values, is less relevant for the vast majority of individuals today than it was in the past. The American Taxpayer Relief Act of 2012 (ATRA) provides relatively generous estate tax rates, limits and rules for estates. Older estate plans should...
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Special Needs Trust Fairness Act Reintroduced in the HouseReps. Glenn “GT” Thompson (R-PA) and Frank Pallone (D-NJ) reintroduced the Special Needs Trust Fairness Act (H.R. 670) today to allow individuals with disabilities, who have the mental capacity, to create their own special needs trusts. NAELA, the National Association of Elder Law Attorneys, expects reintroduction in the Senate shortly....
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Repealing the Estate TaxThe state tax is always controversial. Some people believe strongly in it while others see it as unfair. The current exemption for estate purposes is $5.43 Million. Fewer than 1% of US taxpayers are subject to the estate tax. A new bill in Congress seeks to repeal it completely. It...
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Succession Planning for Retirement Accounts/IRA Inheritance Trust WebinarSuccession Planning for Retirement Accounts typically involves two (2) goals or concerns. First, deferral of income tax. The key is for the retirement account to remain income tax deferred for the longest period of time. This is accomplished when your children or other beneficiaries are able to keep the retirement...
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Creditor Protection for Retirement AccountsQualified plans such as 401(k)s, profit sharing plans and traditional defined benefit plans are protected under federal law under Employee Retirement Income Security Act (ERISA). Protection continues for all qualified plan assets as long as the assets remain inside the plan and there are non-owner employees participating in the plan....
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Laureate Wealth Strategies ProgramThis past year, I have been participating in the Laureate Wealth Strategies Program through the Southern California Institute. This program includes some of the very best attorneys, certified public accountants (CPAs) and insurance professionals in the country. The alumni from this program focus on achieving the clients enlightened dreams in...
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Inherited Debt That Will Not Go AwayMost of the time family members and other heirs are not responsible for a deceased person's debts. Any debts are paid out of the estate before it is distributed to the heirs. However, there are some exceptions including one that cannot be discharged in bankruptcy, co-signed private student loans. A...
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Succession Planning Lessons From TaiwanAnalysts fear for the future of the Taiwanese economy because of the failures of large family-owned businesses to come up with workable succession plans. Family-owned United States companies can learn some lessons from the potential crisis. In Taiwan it is normal for even extremely large multinational businesses to follow the...
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Don't Discount the Importance of Keeping Your Estate Plan Up-To-Date!There is a sense of accomplishment when an estate plan is executed. In fact, it’s quite common for people to sign documents and file them away for safe keeping and forget about them. The danger is that these individuals and families may believe that these matters require no further attention....
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Recently Divorced: Where Do I Start?You may have juggled a zillion family responsibilities both in and out of the house. But chances are you didn't handle everything. Perhaps your husband handled the investments. Or dealt with advisers, such as a CPA or a lawyer. But now, after a divorce or the death of your husband,...
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How to Motivate Your Kids to Be More Productive and Self-ReliantRecently rock legend Sting made headlines when he declared that his six children would be receiving little to none of his estimated $300 million fortune. He joked that he intended to spend all of his money before he died. But on a more serious note, he explained that he wanted...