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: 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...
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Harnessing the Power of the Internet Today and TomorrowOver the last two decades, the Internet has become an increasingly important part of our everyday lives. Now that Internet penetration levels are nearing saturation for many demographic groups, many technology experts are speculating about how the Internet will continue to affect our personal and work lives over the next...
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20 FAQs about Required Minimum DistributionsThe rules for required minimum distributions (RMDs) can be bewildering, frustrating and potentially expensive to retirement savers and their beneficiaries. Avoid the Year-End Crush Taxpayers subject to required minimum distributions (RMDs) have until December to calculate and schedule RMDs from qualified plans and IRAs. It's not unusual for people to...
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The IRS Takes a Proactive Stance Against Identity Theft and Tax ScamsThe Federal Trade Commission estimates as many as 9 million Americans have their identities stolen every year. Although the security of personal data is a top priority of all types of entities, the IRS is especially vigilant, because tax-related identity theft is the most common form of reported identity theft....
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Rules on Deducting Business Start-Up ExpensesA recent U.S. Tax Court decision drives home the important point that current deductions aren't allowed for most expenses incurred while a new business is still in the start-up phase. Other decisions have dealt with the same issue in recent years. So, the proper federal income tax treatment of start-up...