A: Federal estate taxes are currently levied on all estates that exceed $11.7 million in value. Additionally, each state also has the right to charge its own estate tax at the state level. Fortunately, the State of California does not have an estate tax separate from...
A: Whether or not your children will have to pay inheritance taxes will depend upon which state they reside in at the time of your demise! For example, if both your children live in California, they will NOT have to pay any inheritance taxes. However, if one of your...
A: Unfortunately, ALL of your personal assets will be on the hook for your mistakes as a business owner while operating as a sole proprietorship. Your only line of defense will be your insurance coverage, assuming you have it. On the other hand, if you had...
A: Yes, there are quite a few! Let’s assume you added your son as a 50/50 owner to your home: First, your son will only be able to receive a stepped-up tax basis on one-half of the property rather than a 100% stepped-up basis. Depending upon how long the property...
A: We're delivering a chilling #WednesdayWisdom this week! 👻 The most ghoulish part about doing a will or a trust with LegalZoom is that you have no way of knowing whether or not it is done correctly until it’s too late to fix it! We think that your family, assets...
A: The term “estate planning” refers to the process of anticipating and arranging for the management, disposal and transfer of one’s estate both in the event of a person’s incapacity and also after the person’s death. If you have any questions about this, please feel...
Wineries, especially when kept as family businesses, are expected to incur high rates if they don’t adjust their tax plans now. California is anticipating a tax season with hikes that all farmers should be aware of. If your land is a part of your business, then estate...
A: You can, but be aware that setting up your trust this way could lead to some seriously unintended negative consequences! For example, if you ever sell one of the properties and then you either forgot to (or were unable to) update your trust thereafter, you will...
A: It depends! If you merely amend that distribution section to eliminate him from your trust, then by law he will be entitled to a copy of both the original trust and the amendment. However, to avoid this scenario, we often counsel clients in similar situations to...
A: No. Unfortunately, despite its potential convenience benefits, the TOD Deed comes with numerous downsides. One of those downsides is that the TOD Deed can only be used to transfer the following types of California real estate: 1: a single-family home or condominium...
