Client Alert

No Good Deed Goes Unpunished: The Do-Over Trust

1998: You’ve accumulated some sizable estate assets, and you and your lawyer create an irrevocable dynasty trust for your baby son to protect his legacy and provide him a long-term financial safety net. You are a thoughtful and loving parent… 2018: A lot has happened in 20 years. The business world has changed, and the path to independent adulthood lies obscured in your child’s generation’s new definition of success: do […]

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Client Alert

How Will the Recent Tax Changes Affect Your Estate Plan?

There have been a number of recent changes in tax reform that you will want to take into consideration this year. As part of the “Tax Cuts and Jobs Act” signed by the Trump Administration in 2017, there will be new requirements for estate plans starting in 2019. However, for many high-income earners, these changes will likely be given a warm welcome. One of the biggest changes is the exemption […]

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IRS Form 1099

The California Independent Contractor May Have Just Gone the Way of the Dinosaur

Dear Friends, Colleagues, and Clients, No good deed goes unpunished! Unemployment is at the lowest rate in decades. Many Californians work from home or have part time assignments where they are hired by businesses to work on a project by project basis as an outside contractor. Service businesses, such as the legal and accounting industries have especially embraced this new work medium in a significant way along with high tech […]

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Client Alert

Primary Residence Can Be Transferred Between Generations

In California, real property is reassessed at market value if it is sold or transferred. If the property has been in the family for a long time, the resulting tax hike can be dramatic. Thanks to two voter-approved constitutional amendments, property transferred between parents and children, or grandparents and grandchildren if both parents are dead, do not have to be reassessed and the property tax increase will be minimal – […]

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Client Alert

Is It Worth It To Create A Family Limited Partnership?

Trusts are valuable tools to protect your estate. However, trusts do not allow you to protect your assets while you are still alive. In order to secure what is rightfully yours and protect your assets, you will need to begin thinking outside of the box. Many individuals and couples turn to Family Limited Partnerships (FLPs) as an advanced asset protection measure to do so. Here is a brief overview of […]

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Client Alert

Have You Considered Creating A Foreign Asset Protection Trust?

Nearly a dozen states permit the creation of domestic asset protection trusts (DAPTs) to shield their assets. Unfortunately, California is not one of them. However, you do have the option of creating a foreign asset protection trust (FAPT.) FAPTs offer various asset protection benefits that DAPTs cannot and there is a reason that they continue to rise in popularity. One of the greatest reasons is that FAPTs are not governed […]

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Client Alert

5 Ways You Can Gift Assets To Charity

Charitable giving can leave a legacy of generosity for years and even decades after you have passed away. Not only does charitable giving have a philanthropic appeal, but it provides enormous income, state, capital gains, and gift tax deduction benefits. While some donors gift money during their lifetime, others bequeath assets to charity through wills and trusts that go into effect upon their deaths. Depending on the type of charity […]

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Client Alert

New tax law lowers required taxes on generation-skipping trusts

Effective January 1, 2018, new tax laws lowered the requirement to pay taxes on certain inheritance trusts in California. For those hoping to pass down significant inheritance, your beneficiaries now may avoid paying taxes on your generous gift because of an increased threshold. Generation-skipping trusts are included in the tax exemption change. In 2010, generation-skipping trusts exceeding $5 million were subject to extreme taxes. The government could tax your gift up to […]

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Client Alert

Save Money And Reduce Taxes With A Charitable Remainder Trust

Whether you want to donate money as a budding philanthropist, avoid taxes or diversify your investment portfolio, Charitable Remainder Trusts (CRTs) can be a good way to accomplish all three goals at once. Before creating a CRT, it can be helpful to have a basic understanding of how they work and the terms. An Overview Of Charitable Remainder Trusts When you create a CRT, you will first choose the trust’s […]

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Client Alert

Two Ways To Minimize Estate Taxes In 2018

You have worked hard to build your fortune and minimizing the portion that will go to the IRS is possible during your lifetime with smart estate planning. While there are a number of tax-avoidance strategies in estate planning, here we will discuss two that may be able to save you and your heirs a large sum in the long run. Gift Assets Giving away assets to family members and charitable […]

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