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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In the News: John Explains How B Trusts Can Be a Ticking Time BombWhy B Trusts Can Be a Ticking Time Bomb Bypass trusts, also known as B trusts, are often used as a strategy to avoid estate tax. But because of recent changes in income tax and estate tax rates, families with B trusts should review their situation to ensure they’re not...
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In the News: John Explains How Retirement Inheritance Trusts Can Be a More Tax-Efficient Way to Pass on Retirement FundsPutting the Trust in Trusts Planning for retirement is one of the most common and daunting personal finance concerns for families. Parents want to ensure that their children are taken care of, but inherited IRAs can represent a significant tax burden. IRA minimum distributions can be "stretched out" over the...
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In the News: The “Value Legacy” You Plan on Leaving to Your HeirsTo preserve and convey one’s value legacy, estate planning goes beyond money and even asset protection. For an estate to be truly effective and do more than just simply move money and assets from one generation to the next, it must accomplish three basic goals. In order to leave heirs...
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John Goralka Discusses California's Right-to-Die Law in The 'American Journal of Managed Care'On October 5, 2015, California Governor Jerry Brown signed the bill for the End of Life Option Act, which authorizes an adult who meets certain qualifications, and who has been determined by his or her attending physician to be suffering from a terminal disease, to make a request for a...
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In the News: How to Protect Inherited Retirement AssetsJohn Goralka Talks with ThinkAdvisor on Protecting Inherited Retirement Assets When planning for retirement, an individual may face the dilemma of deciding what to do if they have leftover retirement assets when they die. Many designate a beneficiary, like a child or a grandchild, to inherit the retirement account. During...
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Are Rental Properties the Next Big Investment Opportunity?Owning a house with a white picket fence is a quintessential part of the American dream. But an increasing number of Americans are deciding that renting a home is a better fit for their families than buying one. "Over the next 15 years, new renters will outnumber new homeowners —...
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What You Need to Know Before Making Year-End Charitable ContributionsIt's a critical time of year for the not-for-profit sector. Historically, a significant amount of charitable donations occur in the last weeks, days and even hours of the year. In fact, many charities are using "Giving Tuesday" on December 1, 2015, as a catchy way to launch their year-end fundraising...
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Tax Advice for Military Families and VeteransMembers of the U.S. Armed Forces and veterans are required to pay taxes on their income like everyone else. But special rules sometimes apply. Here's an overview of key tax benefits that the IRS provides to military personnel to thank them for risking their lives for our country. Combat Zone...
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Climbing the Tax-Efficiency Pyramid to Lower TaxesThe opportunity to take action to reduce income tax for 2015 ends in 51 days. The attached article summarizes the primary income tax planning tools that attorneys and CPAs help clients implement at year-end. While I know you may be familiar with some of the attached strategies, we can assist...
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Benjamin Franklin Said It Best"The only things certain in life are death and taxes." - Benjamin Franklin As California residents, we enjoy this wonderful weather, sunshine, beaches and mountains. Unfortunately, California residents have the second highest capital gains rates in the world, second only to Denmark. We face some of the very highest combined...
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The Benefits of a Q-Tip TrustIs a Q-Tip Trust Right For Your Situation? Depending on your situation, you may wish to include the odd-sounding "Q-tip trust" in your estate plan. The name derives from a special estate tax break for "qualified terminable interest property." An Extra Source of Protection for Your Children Q-Tip trusts are...
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Co-Trustees or Co-Personal Reps: A Good Idea? Or Recipe for Disaster?When drafting a trust or a will, you need to decide who'll be the trustee, or personal representative handling your estate when you die. Individuals who serve in these roles are fiduciaries with a duty to properly administer your estate. When selecting a trustee or personal representative, many people gravitate...