Incorporating Charitable Giving In Your Estate Plan
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Incorporating Charitable Giving In Your Estate Plan

Many individuals choose to incorporate a charitable bequest into their estate plan. For some, this decision stems from a deep sense of altruism; for others, the drive is the significant financial advantage. Yet, for the vast majority of donors, the charity they leave behind represents a harmonious blend of both motivations. Including charitable donations in…

What Is the Generation-Skipping Transfer Tax?
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What Is the Generation-Skipping Transfer Tax?

In this month’s newsletter, we provide a comprehensive understanding of the Generation-Skipping Transfer Tax and its implications. With each transfer of wealth, federal estate taxes are collected. Typically, money goes from spouses to children, then grandchildren, and so on, with taxes collected each time. Wealthy families discovered they could avoid estate taxes by giving money…

All About Intrafamily Loans
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All About Intrafamily Loans

An intrafamily loan is a financial agreement between a family member who borrows money from a lending family member. These loans benefit children and grandchildren learning to be financially responsible but may have difficulty obtaining a loan due to age or credit score. In many circumstances, these loans offer flexible repayment terms and interest rates….

The Deceased Spousal Unused Exclusion Amount 
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The Deceased Spousal Unused Exclusion Amount 

Effective financial management, particularly for married couples, includes a crucial component: estate planning. A critical factor in this process is reducing estate taxes, as taxes can significantly impact the allocation of money and property to loved ones. Planning could involve utilizing the deceased spousal unused exclusion amount. What Are Gift and Estate Taxes? In 2024, individuals…

You Might Have an Estate Tax Issue Soon

You Might Have an Estate Tax Issue Soon

In 2017, the Tax Cuts and Jobs Act (TCJA) substantially raised the federal estate tax exemption to $10 million. This designated sum allows you to gift assets to your loved ones, free from gift or estate tax obligations upon your passing. Any portion of this exemption utilized during your lifetime diminishes the available amount at…

Benefits of Gift Giving
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Benefits of Gift Giving

Many of our hard-working clients want to pass on their wealth to family members. Nonetheless, individuals with a high net worth must consider potential gift and estate tax implications when gift giving. By creating a thorough estate plan, we can effectively tackle these worries. These trusts can help distribute assets in a tax-efficient manner. Grantor…

June’s Newsletter Discusses the 2024 Revenue Proposals

June’s Newsletter Discusses the 2024 Revenue Proposals

The Biden administration has released a proposed budget for fiscal year 2024, calling for an increase in federal spending and a series of counterbalancing revenue raisers. “General Explanations of the Administration’s FY2024 Revenue Proposals,” also called the “Greenbook,” outlined the budget. The Greenbook is a comprehensive document prepared by the US Department of the Treasury….

A Detailed Look at Los Angeles’ New Mansion Tax, and Potential Ways to Avoid It if It Comes to Your City
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A Detailed Look at Los Angeles’ New Mansion Tax, and Potential Ways to Avoid It if It Comes to Your City

Los Angeles is known for being one of the most affluent areas in the country, but more recently, it has also struggled with its high rate of homelessness. To address concerns surrounding housing affordability and a widening wealth gap, the city proposed Measure “United to House LA” (ULA), which has become known as the “mansion…