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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A Dozen Ways to Cut Taxes This SummerAfter a brutal winter in many parts of the country, summer is finally here. While you're enjoying the warmer weather, it's still important to remain diligent about business and personal tax planning. Fortunately, many of the following hot summer tax-planning tips enable taxpayers to combine business with pleasure. Summer Tax...
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Medi-Cal Protection Planning: Asset Protection for SeniorsWhen a person enters a nursing home or skilled nursing facility and cannot pay, then Medi-Cal is usually the source of funds for payment. Medi-Cal is California's version of Medicaid. Medi-Cal is essentially a form of public health insurance which provides needed health care services for qualifying individuals. To qualify,...
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All Living Trusts Are Not the SameAll Living Trusts Are Not The Same! People generally understand that a living trust is the best estate planning vehicle for most people. However, not all living trusts are the same. In this short video John Goralka will provide insight on the complexity that goes into properly creating a living...
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The Benefits of Charitable Remainder TrustsA charitable remainder trust (CRT) is an irrevocable trust set up to benefit a charitable organization. The trust's term is one lifetime, several lifetimes, or a period not to exceed 20 years. Basically, you irrevocably gift an asset to the CRT, usually an asset with a low tax basis that...
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The Private Retirement PlanA Unique Asset Protection Alternative for the Business Owner. California is not usually viewed as a debtor-friendly state, especially compared to Nevada. In fact, California has some of the worst laws for asset protection in the United States. The California Homestead exemption is a meager $50,000 for an individual, $75,000...
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Do You Have Employees? This WILL Affect YOU!NOW IT PAYS TO BE SICK IN CALIFORNIA! Date: Wednesday, June 10th, 2015 Time: 9:00 AM – 10:00 AM Location: Goralka Law Firm Training Center: 4470 Duckhorn Drive, Sacramento, CA 95834 Speaker: Dejon Hart, Regional Payroll Specialist Accountant Centric If you only have ONE employee, this will affect you! Effective...
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What Do You Know About POLST (Physician Orders for Life-Sustaining Treatment)?POLST is a physician order (must be signed by a doctor) that helps give seriously ill patients more control over their end-of life care. Produced on a distinctive bright pink form and singed by both the doctor and the patient, POLST specifies the types of medical treatment that a patient...
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Dynasty Trust Provides a Bridge to Keep on GivingWith a properly executed estate plan, your wealth can be enjoyed by your children and even their children. But did you know that by using a dynasty trust, you can extend the estate tax saving benefits for several generations, and perhaps indefinitely? A dynasty trust can build a bridge that...
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Tax Paperwork and Other Records: What to Keep, What to TossE-filing is on the upswing. According to the Data Book released by the IRS on March 24, the agency collected almost $3.1 trillion in federal revenue and processed almost 240 million returns during fiscal year 2014. About 65 percent of all returns were filed electronically. Of the 147 million individual...
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Consider a GRAT to Transfer a BusinessSuccession planning for your real estate business can be daunting. Along with selecting the right family member or other individual to carry on the business, you must weigh a variety of tax and financial planning issues. Some closely held business owners have found it pays to use a grantor retained...
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Estate Planning Tips for Blended FamiliesBlended families are continuously becoming more common in the United States. This creates special considerations that must be taken into account during estate planning because not planning properly for blended families is a good way to ensure that there will be family feuds over an estate. One of the more...
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S Corps and Partnerships: Beware of Failure-to-File PenaltiesThe S corporation is a popular business structure that's available only to privately held businesses. In fact, approximately 44 percent of small employer firms -- generally defined as companies with fewer than 500 employees -- have elected to operate as S corporations, according to the U.S. Small Business Administration's Office...