Maximizing Wealth Preservation: Strategic Estate and Tax Planning for High-Value Assets ![Sacramento High Net Worth Estate Planning Goralka]()
By, John M. Goralka
Sacramento, CA
Client with taxable estate of $80 million holds family legacy real property worth $55 million that does not generate income and is intended to be held for future generations. Through the use of LLCs, a Family limited partnership and a Children’s Trust, the property was removed from the Client’s estate for estate tax purposes, structured so that there is a current reassessment of the property tax of only 2% of the value of the property and 98% of the property tax is not reassessed now or upon the Client’s life. This is done while substantially limiting the amount of the taxable gift for gift tax purposes, no gift tax was ever due. Client remains in indirect control of the property through the business entities and through the Children’s trust. We are able to remove property worth $52 million from the client's taxable estate. We prevented the reassessment of property tax on 98% of the value of the income producing real property while permitting the Client to receive approximately 78% of the income from that property.
--
Sacramento Estate Planning, Tax Planning and Business Attorney.
I’m John Goralka, a Sacramento Estate Planning, Tax Planning and Business Attorney at the Goralka Law Firm, P.C. If you have an estate, tax or business situation needing legal help, contact our team for experienced and friendly advice. You can contact us at 916-440-8036. Alternatively, you can use our convenient online contact form here on our website. We listen, and you can have your questions answered, your case evaluated, and explore your options for getting the legal help you need.
There are almost 200,000 attorneys in the state of California, and fewer than 100 of those attorneys are State Bar Specialists in Estate Planning, Trusts and Probate and State Bar Specialists in Taxation. I am one of the few attorneys with both critical specializations. I passed the California CPA examination and am a former income tax auditor and hearing officer. I am also recognized as a top attorney in the United States by US News and World Reports and by Best Lawyers and hold an AV rating from Martindale which is the premiere rating organization for attorneys. The AV rating is the highest possible rating for legal experience and for legal ethics.
For help in Sacramento with estate planning, business planning or tax planning, please contact our office.
