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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Got Questions About the New Overtime Rule?The Department of Labor's Wage and Hour Division recently released some Q&As about the new federal overtime rule, which goes into effect on December 1, 2016. Under the final rule, the standard salary level used to determine whether executive, administrative, and professional (EAP) employees are eligible to receive overtime will...
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In the News: Goralka Law Firm Selected as One of California's Top 20 Boutique FirmsAs published by Daily Journal, Goralka Law Firm was selected as one of the top 20 boutique law firms in California. Reminiscing his first day as a sole practitioner 20 years ago, John Goralka explains how he, as a single father had no choice but to bring his chicken-pox-afflicted children...
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Spotlight on Gains from Qualified Small Business StockWhether you're thinking about starting your own business or investing in a start-up, there's an exciting tax break that could sweeten the deal: Gains from selling qualified small business stock (QSBS) that you acquire on or after September 28, 2010, are potentially eligible for a 0% federal income tax rate....
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Did You Miss the 60-Day Deadline for Your IRA Rollover?If you miss the deadline for rolling over an IRA distribution to another IRA or eligible retirement plan, you could be subject to taxes and penalties. If you have a valid excuse, you may be able to obtain a hardship waiver from the IRS, but applying is time-consuming and expensive....
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Estate Planning: Learn How the 'Step-Up Basis' Tax Rules Work and Reduce Taxes on Capital GainsWhen planning your estate, it's important to understand the "cost" or "basis" for tax purposes that an individual gets in property he or she inherits. This is an area that's often overlooked when families start to put their affairs in order. Traditionally, estate planning has focused on reduction of estate...
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IRA Charitable Donations: An Alternative to Taxable Required DistributionsYou can make cash donations to IRS-approved charities out of your IRA using so-called "qualified charitable distributions" (QCDs). This strategy may be advantageous for high-net-worth individuals who have reached age 70 1/2. It expired at the end of 2014, but QCDs were made permanent for 2015 and beyond under the...
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Transfer Business Ownership or Remain Boss?For family business owners, estate planning can be a challenge. Often, most if not all of their wealth is tied up in their companies, which creates a conflict between the desire to transfer ownership to the next generation and the desire to stay in control. One potential solution is to...
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In the News: John Outlines Six Steps to Ensure Peace of Mind for Those Approaching DeathIn his Kiplinger article "Six Estate Planning Tips for Those Approaching Death," John Goralka outlines six actions an individual should take to ensure peace of mind for themselves and their family facing impending death or serious illness. Having an attorney in fact that you can trust while you are still...
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Congratulations to John for Making the 2016 Northern California Super Lawyers List!John Goralka Selected as 2016 Northern California Super Lawyer John Goralka has been selected for inclusion on the 2016 Northern California Super Lawyers list for his work in estate planning and probate, tax, and business. This marks John’s first year on the list. Super Lawyers is a rating service of...
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In the News: John Explains Estate Planning for an Aging PopulationAre You Financially Prepared for Retirement? In Penton’s Wealth Management’s July e-newsletter, John Goralka discusses the obstacles that come with a long lifespan in his article “Estate Planning for an Aging Population.” As Americans are living longer, it’s essential to financially prepare for retirement. Individuals who fail to plan accordingly...
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In The News: John Explains 3 Key Takeaways from Prince's Estate-Planning MistakesPrince may have sung that "Money Don't Matter 2 Night," but it's clear that the $300 million estate he left behind matters quite a bit. Since Prince didn't plan his estate, his family and loved ones are stuck with the headache of probate proceedings. Between the current federal estate tax...
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In the News: Identifying the Key Values to Include in a LegacyEstate plans don’t have to be limited to money and assets—they can also include core values and beliefs that individuals wish to pass on to their heirs. In order to leave a “value legacy” that promotes a family’s values, the first step is to identify exactly what these values are....