On November 3, 2020, California Residents passed Proposition 19 (2020) The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act (“Prop 19”). Prop 19 drastically changes California’s property tax laws. Prop 19 makes amendments to the state’s Constitution that are important for property owners in California: Prop 19 eliminates … Continue reading Prop 19 – Property Tax Changes
Plan Your Estate to: 1. Provide Stability For Your Family It is common for one spouse to end up managing most of the family’s financial affairs. In the event that spouse is the first to die, the surviving spouse can be left unaware of how to carry on the family’s financial affairs. This can lead … Continue reading Top 10 Reasons to Plan Your Estate
Russell Stanaland talks about California Trusts (video).
We have encountered a few situations where clients believe to have missed their opportunity to take advantage of the surviving spouse’s “portability” election to transfer a deceased spouse’s unused estate tax exclusion to the surviving spouse. The IRS is simplifying the process to remedy the situation. Note that this development can be especially advantageous to … Continue reading Extended Time to Make Estate Tax Portability Election
California Probate: What’s the Purpose? Probate. You’ve heard the word, but what is it? Here is a brief overview to let you know what triggers the probate process and what is involved to complete the journey. In general, probate is the court supervised collection of assets, payment of debts and expenses with the net amount being … Continue reading California Probate: What's the Purpose?
Here is an interesting portion of an article by Michael D. Whitty discussing some estate planning considerations for the latter part of 2012. Conditions Remain Favorable for Lifetime Gifts and Other Estate Planning Transactions As covered in our August Estate Planning Notice, the combination of a higher gift tax exemption through 2012 and low … Continue reading Estate Planning Update for Fall of 2012
On January 1, 2013 a new tax law takes effect. Section 1411 of the Internal Revenue Code imposes a tax on the net investment income of certain individuals, trusts and estates. There is a great deal of misinformation circulating about this tax. A frequent assertion is that it is a sales tax. One widely circulated … Continue reading How Does the New 3.8% Investment Income Tax Work?
McDermott Bill: “Making the Estate Tax Fair and Equitable Again” For Immediate Release: November 17, 2011 WASHINGTON, DC – Today, Congressman Jim McDermott (D-WA), a senior member of the House Ways and Means Committee, introduced the “Sensible Estate Tax Act of 2011” to restore fairness to the estate tax. It is the first estate tax reform … Continue reading McDermott's "Sensible Estate Tax Act of 2011"
Assets Subject to California Probate Following a death, you may find yourself looking for guidance about how to deal with all of the “stuff,” all of the estate assets. Sometimes it is easy to deal with the small things. Your daughter gets dad’s guitar and your son gets dad’s carved mahogany bar, done and done. But who … Continue reading Assets Subject to California Probate
Massive layoffs face the San Francisco Superior Court and it appears Clerks and Commissioners will be hit very hard. I first related Ari Burack’s article on the Dire situation forecast for San Francisco Superior Court here. I then passed on the Court’s press release on this matter here. In what is becoming an unexpected series on this … Continue reading San Francisco Court Update: Source Indicates All Commissioners and 100 Clerks to be Laid Off