Q&A

Q: I would like to make gifts to my children this year, but I am concerned about gift taxes. What amount can I give each child without being taxed?

A: As of January 1, 2024, the annual gift tax exclusion amount is $18,000 per recipient. This means that you can gift each of your children up to $18,000 this year without incurring any gift tax. If you are married, you and your spouse can each make gifts in the...

Q: One of my 2024 goals is to purchase a California investment property with my sister, but she is able to invest more than I can. Can we own the property together in different percentages?

A: Yes, you can! In California, two individuals can take title to real property as tenants-in-common, and in whichever percentages the owners agree on. For example, your sister could own an 80% interest as a tenant-in-common while you own a 20% interest as a...

Q: My late father owned a duplex as a joint tenant with his sister when he died. We also found his will, which stated he left all of his assets to me and my sister. Who will end up owning the duplex?

A: Unfortunately, your aunt now owns that duplex. By operation of law, when your father died, the surviving joint tenant automatically owned the entire duplex, which meant that the will had no legal effect over the disposition of your father's interest in the duplex....