Posted by Sasha Collins on Tuesday, May 4th, 2021.
In estate planning circles, the word “probate” often comes with a starkly negative connotation. Indeed, for many people — especially those with larger estates — financial planners recommend trying to keep property out of probate whenever possible. That being said, the probate system was ultimately established to protect the property of the deceased and his/her […]
Posted by Sasha Collins on Tuesday, February 23rd, 2021.
With a push by the Democratic party to return federal estate taxes to their historic norms, taxpayers need to act now before Congress passes legislation that could adversely impact their estates. Currently, the federal estate and gift tax exemption is set at $11.58 million per taxpayer. Assets included in a decedent’s estate that exceed the […]
Currently under Proposition 58, parents can leave their primary residence of any value to a child (and in some cases, grandchildren) without reassessment of the Proposition 13 assessed value. Additionally, each parent can leave one million dollars of additional property (two million for two parents) at the current assessed value to children. Proposition 19 drastically […]
Posted by Sasha Collins on Sunday, November 22nd, 2020.
Estate Tax Exemption in 2020 is $11,580,000 In 2020, a married couple can transfer approximately $23 million before having to pay any gift or estate taxes. However, unless Congress acts, the exemption amount will be reduced to approximately $6 million per person on January 1, 2026. The IRS has issued regulations that indicated a married […]