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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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....
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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...