At midnight on December 31, 2012, more is going to happen than just the Times Square ball dropping and the calendar turning the page to January 1, 2013. The current gift tax exemption is also set to expire — barring any Congressional changes which may or may not happen post-election. Currently couples can shelter $10 million …. Read More
Our California readers have no doubt heard of estate taxes. They are taxes which must be paid on inheritance amounts of $1 million or more for an individual or $2 million or more for a couple. The estate tax has changed in recent years, but in one notable year it was totally gone. 2010 is …. Read More
What is a wealthy American to do? A temporary Internal Revenue Service tax exemption that was passed in 2010 is set to expire at the end of 2012. Will it be renewed? Will it truly expire? Only Congress knows for sure, and even they don’t know. Those who wish to pass along $ 5.12 million …. Read More
It is the rare person in California or anywhere who is glad to lose a parent or grandparent. However, a piece of good news connected with the loss of a loved one, is a potential inheritance. A recent study titled “Do People Save or Spend Their Inheritances? Understanding What Happens to Inherited Wealth,” looks at estate …. Read More
Estate planning and retirement planning should be carefully thought out and well-executed activities. They prepare us for our senior years, or for unforeseen circumstances. That planning took a strange turn in Oxnard, according to news sources. Apparently the city of Oxnard retired department heads were the benefits of a monthly retirement gift that was not approved by …. Read More
The main reason most people hire an attorney to create a will or trust is to make their wishes known and provide for their heirs in the event of their passing. But another crucial aspect of estate planning is to ensure that the responsibility for carrying out those wishes is assigned to the right person. …. Read More
