Articles
How Should You Take Title to Your Home? (Part 3 of 3)
Something that is often overlooked when buying your home is how you should take title to your home. For most of you, when you buy a home, your biggest concerns are with the price, the location, the aesthetics, the school district, etc. Once you find the home of your dreams, you’ve qualified for the… Read More »
How to Avoid Paying Capital Gains Taxes When You Sell Your Home (Part 2 of 3)
Once you calculate your capital gains when you sell your home, the next step is figure out how to avoid paying capital gains taxes when you sell your home. Capital Gains Tax Exclusion on the Sale of Your Home You probably know that, if you sell your home, you may exclude up to $250,000… Read More »
How Do You Calculate Capital Gains Taxes When You Sell Your Home? (Part 1 of 3)
Before you can calculate the capital gains taxes on the sale of your home, you must first understand basis. The examples below are for illustrative purposes only. For a complete understanding and a full review of your specific situation, contact an Orange County Estate Planning Attorney at Modern Wealth Law. What is the Basis… Read More »
Setting Up an Out of State Corporation by a California Resident
California residents often ask me, “should I set up an out of state corporation to save or avoid taxes?” California residents often mention Nevada because it has no corporate income tax and no personal income tax. Many “business advisors” promote these Nevada LLCs or corporations for this very reason (with the caveat that they… Read More »
Should You Write Your Own Will or Trust?
Often times I’m asked, “can you write your own Will or Trust?” The simple answer is yes, you can write your own Will or Trust. However, you can also perform your own surgery, invest your own assets and buy your own house. But as a doctor, financial advisor and real estate agent will tell… Read More »
Undue Influence – I’ll Love You More If You Buy Me a Chanel Bag
Undue influence is often times a key factor in Trust and Probate Litigation proceedings. Here is the classic undue influence case: Old man, Carl, and old woman, Lucy have 2 kids. Unfortunately, Lucy dies at 75. After some mourning, Carl gets back on his feet. Carl decides that he still has a lot of… Read More »
Trustee Liability for Injuries on Trust Real Property
Recent Trustee Liability Case – This recent case reviews trustee liability over trust real property. Where real property was owned by a trust, trustee could not be held personally liable for injuries suffered on the premises unless trustee was “personally at fault” within the meaning of Probate Code Secs. 18001 and 18002–meaning that trustee… Read More »
Guardianships: Don’t Think You Need an Estate Plan? What Happens to Your Child if You Die?
If you need one reason, and one reason alone to set up a trust, it should be for your children. Many people delay setting-up their estate plan for a whole host of reasons (e.g., “I’m too young,” “I have more important things to address now,” “estate plans are only for wealthy people,” etc.). I… 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 »
Effect of DOMA on the Estate Tax
Of the 50 states, 31 have constitutional amendments banning gay marriage. It is legal in nine states and Washington, D.C. The remaining states’ policies vary, with some recognizing marriage from other states, some providing some of the legal benefits of marriage and others denying marriage by state laws, but not constitutional amendments. The Obama… Read More »
