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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When Should You Select a Professional Trustee?One of the most vital decisions to ensure preserved legacy and proper estate execution is electing the right professional or family trustee for investing and properly distributing your estate. Desirable characteristics of a trustee include being well-organized, well-rounded, and functionally capable of administrating your trust as provided by?the document, and...
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Give Your Children the House and Save TaxesThe Potential Keys to Paying Uncle Sam Less If your estate is substantial and you're concerned about the federal estate tax bill your heirs will pay, there's a way you might be able to use your house to help the situation. It's may be as simple as giving away your...
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DOL Gets Tough on Independent Contractor Classification"The Department of Labor's Wage and Hour Division (WHD) continues to receive numerous complaints from workers alleging misclassification, and the Department continues to bring successful enforcement actions against employers who misclassify workers," said a detailed document issued July 15. The Administrator's Interpretation 2015-1 is from David Weil, who heads the...
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Two New Estate Tax Developments from the IRSThe IRS recently issued final regulations and made an announcement that may be of interest to estate executors, personal representatives and married couples. Here are the details of both developments: 1. Final Regulations Issued on the Portability Election for Spouses The IRS released final regulations on the portability election, which...
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Inheriting an IRA? Are You Ready for September 30th?Tax planning and particularly planning to minimize taxes on inherited retirement accounts requires attention to detail, dotting the "i's" and crossing the "t's". There are many requirements and deadlines that, if not met, may cost your family thousands of dollars in taxes and loss of the tax deferral growth. You...
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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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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...