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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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....
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The Goralka Law Firm Partnered With Alliance Title and Estate Planning Source to Host the Estate Planning and Trust AcademyOn April 11th, 2017 the Goralka Law Firm hosted the Estate Planning and Trust Academy. This full-day, educational event included presentations from John Goralka as well as Marty Jensen of Alliance Title and Geri McHam of the Estate Planning Source. Topics included the basics of comprehensive estate planning, how to...
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Estate Tax Repeal? Perhaps Not in California!Both President Trump and the Republican party's separate tax proposals recommend the repeal of the federal estate tax. California State Senator Scott Wiener sponsored Senate Bill (SB)726 which would create a California estate tax in the event that the federal estate tax is repealed. SB726 This new California estate tax...
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Home Mortgage Interest Deductions That Can Save You Money on Your TaxesIf you own a home with a mortgage, you should receive an IRS form from your lender each year with information that is used to claim an itemized deduction for qualified residence interest. For 2016, that form should include additional information that could trigger unwanted attention from the IRS. Here's...
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Learn How You Can Reduce Capital Gains Taxes With a Two Year Sale StrategyIf you plan to sell a substantially appreciated asset, property or business, you can save money with what's called a "two-year installment sale." Basically, it's a double-sale strategy to create a "taxation timing gap" between when the asset sale proceeds are received and when they're taxed. Here's how it works:...
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IRS to Use Private Debt CollectorsBeginning in April, 2017 (this month) the Internal Revenue Services (“IRS”) plans to begin utilizing private debt collection agencies to collect past due taxes.
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How to Take Advantage of Planning Opportunities That May Not be Available at the End of The YearMany of us forget to jumpstart our income tax planning at the beginning of the year. We are accustomed to the last-minute rush of planning activities at year-end and are worn out by January 1st. However, planning at the beginning of the year can provide significant benefits. These benefits include,...