How Comprehensive Estate Planning is Different From the Norm

Comprehensive Estate Planning vs Average Estate Planning

Estate planning is the process of designating who will receive your assets upon your death. In addition, estate planning also determines how your affairs will be conducted if you’re no longer able to make your own decisions.   Many people are under the misconception that estate planning is only for the wealthy, but everyone needs an estate plan.  If you don’t have an estate plan in place when you die, the […]

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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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Never Judge a Book by Its Cover

“He has offshore bank accounts.” When you hear this phrase, what is your gut reaction? For those of us who consume the news, read John Grisham novels or watch TV, when we hear “offshore bank accounts,” our guts scream “tax evader!” or worse. We think a bad guy is hiding assets. We think mafia, drug running, embezzlement, assassins, Ponzi schemes, white collar criminals, lengthy trials, and jail time. The media […]

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No Good Deed Goes Unpunished

Larry and Harold, best friends and business partners for the past 20 years, operate their successful company as an S corporation. They started with nothing and built their business from the ground up, working hard to increase profits through the economy’s ups and downs. Their partnership is truly an American Success Story. THE GOOD DEED: Four years ago, Larry’s younger brother announced he was getting married. Larry was ecstatic with […]

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Many of our avid CLIENT ALERT readers have established overseas structures that require the filing of the Foreign Bank and Financial Accounts form, otherwise known as the FBAR. The FBAR would be required if you or your trust is the owner of (or has signature or other authority over) a foreign bank, securities, or other financial account. Moreover, additional reporting may be required as an attachment to your tax return […]

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