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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Tips on How to Retain your Social Security, Medical, and Retirement Benefits After Your Spouse Has PassedYour spouse dies, and after the initial grief, you find your prescription that never cost a cent before is suddenly priced at $195. Whoa! You go home grumbling to yourself — what do they mean?! Are the benefits that came through your spouse gone? If you've been receiving health insurance...
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Tips on How to Incorporate Your Digital Property into Your Estate PlanThanks to the Internet, most companies provide you with the option to receive electronic statements, set up auto payments or pay your bills online. Many businesses are in favor of these methods and support online account management and paperless billing. It’s less expensive, more convenient and more environmentally friendly for...
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Planning Opportunities to Consider If You or Your Loved Ones Are in Need of Special Needs PlanningEstate planning may be more complex for parents whose heirs have mental disabilities or other impairments that limit their ability to take care of themselves. The unique requirements of special needs children constitute a large and growing niche. The U.S. Census Bureau reports that 10 percent of American families have...
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The Goralka Law Firm Had the Privilege of Sponsoring Hospice of San Joaquin’s 2017 Kentucky Derby WestThe Hospice of San Joaquin hosted one of the most fun, unusual and interactive events that John and Toni had ever been to. The Goralka Law firm had the privilege of being a sponsor and participating in this special event. The proceeds from the event benefited the Hospice of San...
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Worried About Estate Tax? Information on Who May Be Subject to Federal and State Estate TaxesYou may be subject to state and federal estate taxes if you've gotten a windfall — but it has to be a lot. These thresholds, which are indexed for inflation, are currently over $5 million for individuals and $10 million for couples. The IRS taxes only the portion of the...
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Overview of the Different Types of Trusts Available and How You Can Use a Trust to Manage Your Family's WealthTrusts are easy to understand: they basically establish a legal entity that will hold funds or assets for the person who created the trust—called the "grantor" or "donor." The grantor will appoint an entity that will manage the trust, such as a bank or trust department, and a beneficiary—the person...
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Learn How a Life Insurance Trust Can Help Minimize Your Estate TaxA life insurance trust is a form of irrevocable trust that invests the proceeds of a life insurance policy into a trust with designated beneficiaries. Most life insurance policies are owned by the insured. The money is paid when the insured dies, but the payment made to the beneficiaries is...
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John Goralka's Latest Kiplinger Article Regarding President Trump and the Republican Party's Tax Proposals and What California's Proposed Senate Bill Will Do If Federal Estate Tax Is RepealedCalifornia is showing a much greater willingness now to tax its wealthier state residents. Five years ago, it boosted the top tax rates for its wealthiest residents, and now it has a new state estate tax proposal on the table that could come into play if the federal estate tax...
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Why It Is Important to Start Planning for Your Estate EarlyThe sooner you plan, the more prepared you'll be for life's unexpected twists and turns. You can start now, regardless of your net worth. You might still be paying off student loans or credit cards for the foreseeable future. Surprisingly, your net worth is not the deciding factor in getting...
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Planning for the Next Generation to Take Over Your Family-Owned Business Is Essential. Learn How to Avoid Unnecessary Taxes and to Best Pass on Your BusinessProper estate planning can help mitigate risks following a business owner's passing by determining how money and assets will be divided. Not only can estate planning ensure that you have a say in who inherits your business, it allows you to minimize taxes during the transition. Failing to create an...
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The Ins and Outs of Deducting Legal ExpensesLegal expenses incurred by individuals are typically not currently deductible under the federal income tax rules. Instead, they're most often treated as either personal outlays (which are nondeductible) or as part of the cost of acquiring an asset, such as real estate. In the latter situation, legal costs usually aren't...
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In the News: John Goralka Authors Born2Invest.com Article “Digital Assets and Your Estate Plan”. Learn How You Can Protect Your Digital Assets in Your Estate PlanIn today's digital world, most of our financial transactions and communications occur online. Photographs, websites and internet profiles are now almost expected for all of us. Without specific provisions in your estate plan and careful planning, access to this critical information can become difficult for your family or loved ones....