Under a 2016 federal law, the per person gift and estate tax exemption amount was set at $11.58 million. As of 2021, a single person is now permitted to give gifts of up to $11.7 million during their lifetime without incurring any tax liability. Upon their death, the total amount of gifts they have made during their lifetime will be subtracted from $11.7 million to determine how much of their […]
Continue reading
Every four years the lead-up to the presidential election ignites serious discussion about potential changes to estate planning laws. Presidential politics are generally quite different between the two major parties, and once in office, both are eager to implement laws that reflect the ideological differences between them. This is aptly demonstrated by the party’s approach to protecting and passing down wealth. Traditionally, Republican candidates advocate financial policies that favor issues […]
Continue reading
One of the biggest perks of accumulating hard earned wealth is the ability to spend time away, traveling in comfort and style. No sparse hotel rooms, 4:00 a.m. flights or twelve hour delays, spent waiting at a departure gate. And you have the pleasure of visiting luxurious or exotic global destinations, many of which are only available to an exclusive group of people. If vacation is what you need, check […]
Continue reading
When it comes to making money, it is clear that billionaires have what it takes to get it done. Hard work, a knack for smart investing, the ability to take risks, and a whole lot of dedication are all qualities that contribute to financial success, but does that mean there is no time left for simply having fun? While hobbies for billionaires differ greatly from average income earners, they are […]
Continue reading
Discovering that an individual has been stealing from an estate is a common problem, particularly for people who have substantial assets. Those living in the state of California, are covered by the California Probate Code, which provides statutory bases for pursuing the wrongdoer. Depending on the circumstances, the penalty can range from requiring the abuser to return the stolen money or assets to more severe punishments, such as double damages, […]
Continue reading
Through hard work, smart budgeting, and savvy investing, you have been accumulating wealth with the goal of becoming financially independent. You can relax now, right? Actually, the next step is likely the most crucial one you will take, because the better off you become, the more devastating a lawsuit can be to your future. Protecting your wealth is as important as the steps you take to build it. As your […]
Continue reading
Finish this sentence: “If I had a billion dollars, I’d drive a ______.” Did you say Lamborghini, Rolls Royce or Ferrari? Why not? With that kind of money, you could certainly afford to buy expensive, luxury vehicles. That said, it may surprise you to hear that some people who can afford any car they want are driving around in average, affordable vehicles. A recent survey among the world’s millionaires and […]
Continue reading
Asset protection is an important aspect of wealth management as it protects your wealth from a legal claim or threat of a claim. This is not to say that legitimate lawsuits cannot be brought against you; asset protection protects you from those that are nefarious in nature or that would cause catastrophic loss. Lawsuit protection is a fact of life for anyone who may be targeted due to their “deep […]
Continue reading
Using census data from the period of 2006-2010, a study revealed the richest neighborhoods in the United States. Comparing metrics such as average household income and property values, it should be no surprise that many of them are located in California. Coming in high on the list were coastal communities located in the Los Angeles and San Diego areas. The entertainment industry, balmy weather, white sandy beaches, and palm trees […]
Continue reading
If you are like most people, the ultimate motivation for working hard and building wealth is to provide a good life for your family and to create an enduring legacy for future generations. The question is how many years will your money last, assuming your children and their children are able to provide their families with the same advantages they enjoyed growing up? The time and effort you put into […]
Continue reading