Gifting money or assets to loved ones can be a meaningful way to share your wealth, but many people worry about the tax implications. Fortunately, there are ways to gift tax-free under federal law. In this blog, we'll discuss how you can take advantage of the annual gift tax exclusion and other...
Category: Estate Tax & Gift
What Is a Generation-Skipping Trust?
Planning for the future involves making strategic decisions to protect your family's wealth. One effective tool to consider is a generation-skipping trust. This type of trust allows you to transfer assets directly to your grandchildren, bypassing your children to minimize estate taxes and preserve more of your wealth for future generations.
Understanding California Proposition 19 and Its Implications
California Proposition 19 has significantly changed property tax laws, impacting how families transfer property between generations. This proposition, passed by voters in November 2020, affects homeowners, heirs, and estate planning strategies across the state. By understanding the new rules and their implications, you can make informed decisions about your property and ensure...
How an Estate Plan Can Help Avoid Capital Gains Tax
Capital gains tax can be a significant financial burden, particularly when it comes to selling property. Many families find themselves facing unexpected taxes on homes or inherited properties. However, with thoughtful estate planning, it's possible to minimize or even avoid these taxes altogether. By understanding how tools like the step-up in basis...
Selling Your Home for $1 to Your Children? Why To Avoid This Infamous Strategy
It’s natural to want your hard-earned money and assets to go to your children after your death. But even if you don’t know much with regard to finances, you probably know that gifts to loved ones often come with unforeseen taxes.
In an effort to keep things simple and...
Does Charitable Giving in Your Estate Plan Have Tax Benefits?
When you start the process of estate planning, your main goals may include avoiding probate, protecting generational wealth, and ensuring that your spouse, children, or other family members are cared for in your absence. You might also consider legal options like wills and trusts, along with directives for healthcare, guardianship,...
Estate Planning Considerations for Tax Season
Tax season can be stressful, particularly if you have a complex financial situation. And when you’re going through the monotony of filing taxes, the last thing you want is to complicate things by diving into estate planning, too.
However, as many attorneys and financial experts will tell you,...
Estate Tax Laws in CA — See How They Affect You
Considering the potential impact of taxes on your beneficiaries is essential in the estate planning process, but California residents, in particular, may be confused about how estate tax laws will impact the inheritance they wish to pass on.
Consultation with an attorney who specializes in estate planning will clarify...
Matters to Review When Gifting to Grandchildren for Graduation
Do you have grandchildren graduating this summer? Are you financially stable and want to make gifts for your graduates? In this blog, OC Wills & Trust Attorneys will explain estate planning gifting strategies and address the tax and legal issues of making significant gifts.
When Do You Want to Make the Gift?
When making...
Matters to Review When Gifting to Grandchildren for Graduation Continue reading…
What You Need to Know About the Bernie Sanders Estate Tax Bill
Have you heard about the estate tax bill Senator Bernie Sanders proposed to Congress back in March of this year? While it hasn’t passed yet, if it does, it will go into effect at the end of the year and can have substantial impacts for many Americans. The serious changes proposed by...
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