Client Alerts

Verdon Shocked about tax

Will California Voters Bring Back the Inheritance Tax?

On March 25, 2019, the California Senate introduced Senate Bill No. 378 (SB-378).  SB-378 proposes an estate, gift and generation-skipping transfer tax of 40% on the value of all owned by a California decedent in excess of $3.5M. Yes, 40%! A few details of the bill to be aware of This tax would include a lower threshold than the federal exemption, namely, $3.5 million for single individuals and $7 million […]

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You may want a 2nd passport

Second Passport? Here’s Why You May Want One

Dear Friends, Colleagues, and Clients, One’s wealth serves as a safety net for professionals and their families. However, the current geopolitical and economic landscape might mean that wealth alone without a larger plan may not be enough. When it comes to travel freedom, the passport that wealthy individuals hold can hamper their ability to respond to threats or new opportunities to access the global travel, business opportunities, and lifestyle options that they […]

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California Estate Gift and Generation-Skipping Transfer Tax Proposal

California Estate, Gift and Generation-Skipping Transfer Tax Proposal

Dear Friends, Colleagues, and Clients, On March 25, 2019, the California Senate introduced Senate Bill No. 378 (SB-378). SB-378 proposes an estate, gift and generation-skipping transfer tax of 40%, an amount equal to the tax imposed at the federal level.[1] This tax would include a lower $3.5 million basic exclusion for individuals and $7 million for married couples (which shall not be adjusted for inflation.) Additionally, the taxpayer is allowed […]

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Client Alert

Estate Planning In The Digital Age

Pulling out the old family photo album when company comes over was once common practice. However, the growth and prominence of social media is making this tradition a bit passé. Once reserved to large, unwieldy books and VHS players, pictures and videos that elicit fond memories are now a smart phone or laptop away. The Tangibility Of The Intangible The digital world we live in goes beyond storage of photos, […]

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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

Estate Planning for Cryptocurrency Investors

Estate Planning for Cryptocurrency Holders Cryptocurrencies might be the way of the future. They could also require significant changes to your estate plan. Cryptocurrencies gained popularity in the past few years, especially with the rise of one of the most popular cryptocurrencies, Bitcoin. Cryptocurrencies are digital assets that do not require a centralized bank. Instead, they allow the transfer of funds electronically. Currently, one Bitcoin is equal to nearly $3,500 […]

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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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Client Alert

Do You Need a Will if You Do Not Have Children?

While wills tend to be more natural for couples with children, in order to ensure their children will be taken care of when they die, they can be more important for childless individuals. Wills can help determine who your assets will go to when you pass away, and sometimes, more importantly, who they will not pass to. According to U.S. News & World Report, over 55 percent of people do […]

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Client Alert

What are the Fiduciary Duties of a Trustee?

You often hear the phrase, “fiduciary duty,” but what does that mean when it comes to managing a trust? First and foremost, trustees, are bound by a fiduciary duty to the beneficiaries of a trust. Under the law, there are three elements of fiduciary duties involving a trust: a duty of loyalty, a duty of care and the duty of full disclosure. The duty of loyalty refers to the trustee’s […]

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Client Alert

Do You Need an Asset Protection Plan if You Have Insurance?

While business insurance is important, it cannot protect you from all the risks associated with running a business. A business asset protection plan can help protect creditors from seizing your business and personal assets. Generally, insurance does not provide enough coverage for all business-related situations. It is important to determine what kind of legal structure you plan to use and what kind of assets you wish to protect in order […]

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