A common question in estate planning is: What Is A Trustee? A trustee is the person or institution appointed to manage the assets in a trust, according to the instructions laid out by the person who created it (the grantor). Trustees have a fiduciary duty, which means they are legally obligated to act in the…
If you own an LLC in California, you may be required to pay the $800 annual franchise tax—even if your business isn’t actively generating income. Understanding when and how this tax applies can help you avoid penalties and keep your business in good standing. How to Avoid Unnecessary Fees To stop paying the $800 annual…
While the lifetime exemption considers the total amount of all gifts made throughout your lifetime or at the time of your death, another beneficial tax avoidance option may be used yearly and is available to you at all times. Because of the annual gift tax exemption, each taxpayer can provide taxable gifts to an unlimited…
In 2025, the laws surrounding gifts to a non-U.S. citizen spouse are updated to address tax exclusions and the potential estate tax implications. Spouses who are both U.S. citizens can transfer an unlimited amount of assets to one another without incurring any gift tax. This allows for the deferral of taxes until the death of…
The opportunity to give large, tax-free gifts to your heirs may soon diminish. With significant gift tax changes coming in 2025, the current federal gift tax exemption is set to be drastically reduced. Ensure your wealth stays in the family by revisiting your estate plan now. Understanding Gift Tax Changes in 2025 The Tax Cuts…
The federal government imposes an estate tax, while the state of California does not levy any estate tax of its own. For California residents, the only tax that could potentially apply to their estate is the federal estate tax. However, if you own property in a state that does impose an estate tax, your estate…
The Permanent Exemption: Maximizing Your Estate’s Tax Benefits Undoubtedly, you want to keep your estate’s tax burden below 40%. Fortunately, every taxpayer has the right to use the lifetime exemption, often referred to as the “permanent exemption,” to lower their tax liability. The lifetime exemption amount was set at $5 million by the American Taxpayer…
Do You Want to Pay Estate Taxes? No? Using of Trusts for Estate Tax Savings – Well, if you haven’t planned, you might be paying them anyway. When you made your Will, did you leave any money to the government? No way, right? You might be wrong about that. Most of us don’t want to…
How Many Plans Do I Need? Most folks have at least heard of estate planning. But fewer realize that a simple will is not enough to prepare for your future. In fact, a combination of plans – financial, tax, legacy, and estate – are vital to your financial well-being and the protection of your assets…