Category Archives: Estate Tax
Education Trust vs. 529 Plan: A Comprehensive Comparison
When it comes to saving for your child’s education, two popular options often come to mind: Education Trusts and 529 Plans. Both have their advantages and disadvantages, and understanding the tax implications of each can be crucial in making an informed decision. In this article, we will delve into the differences between Education Trusts… Read More »
How King Charles’ Tax Breaks Are Saving Him Millions
While the world has been watching as the Queen of England reached her final burial place, others are talking about a completely different aspect of her death: the new king’s tax burden. Or, to put it more accurately, his lack of tax burden. However you may feel about the monarchy, their existence is a… Read More »
Significant Proposed Estate Planning Changes Seem to Be Disappearing
When you closely monitor estate planning changes for almost 20 years you learn to not overreact. There seems to always be a significant proposed change in the law that may affect estate planning. 2021 was no exception. Three major proposed changes were included in President Biden’s Build Back Better plan: Reducing the estate tax… Read More »
Proposition 13 and Proposition 19 Property Tax Planning
With the approval of California’s Proposition 19, the ability to transfer your home or other real property to your children without property tax reassessment will be significantly reduced. The new law will apply to all transfers of real property on or after February 16, 2021. The time to plan is now. Read more about… Read More »
Tax Reform Basics – The Tax Cuts and Jobs Act
Tax Cuts and Jobs Act If you have turned on the radio or the TV in the past 12 months, you have probably heard about Tax Reform and President Trump’s “Tax Cuts and Jobs Act.” Regardless of your political perspective, the Tax Cuts and Jobs Act is the biggest tax reform in more than… Read More »
Trump’s Proposal to Repeal Estate Taxes
President-elect Donald Trump made several promises during his campaign for President. As your estate planning attorney, we have focused on Trump’s promises related to estate tax reform. Based upon Trump’s tax plan, the following are Trump’s proposed changes to the federal estate tax regime during his presidency. Current Estate Tax Regime Currently, a married… Read More »
Changes to Estate Planning in 2016: What Orange County Residents Need to Know
2016 Estate Tax Rates What are the changes to estate planning in 2016? The American Taxpayer Relief Act of 2012 (the “Act”) made the following permanent: (1) the reunification of the estate and gift tax regimes, (2) the $5 million estate, gift and generation-skipping transfer (“GST”) tax exemptions, as increased for inflation (as discussed… Read More »
2014 Transfer Tax and Foreign Items Announced
2014 Transfer Tax and Foreign Items The 2014 Transfer Tax and Foreign Items adjusted based on inflation. 2014 Unified estate and gift tax exclusion amount (transfer tax). For gifts made and estates of decedents dying in 2014, the exclusion amount will be $5,340,000 (up from $5,250,000 for gifts made and estates of decedents dying… Read More »
2013 Estate Tax Exemption is $5.25 Million
The 2013 estate tax exemption is $5,250,000 and the tax rate above that is 40%. The exemption is set to change with changes in the cost of living. In general, estate taxes are taxes imposed on the value of assets which you own when you die. Generally, if the net value of your assets… Read More »
