How do you prepare your children to receive their inheritance? Your children receive their inheritance according to the directions you provide in your trust document. What if your children are not fiscally prepared to manage their inheritance? Talking to your children about your plan to include them in your in regard to their inheritance is…
Continue reading…Category: Tax
4 Vital Considerations for Incorporating Cryptocurrency into your Estate Plan
This week we discover the vastly popular, yet elusive, world of cryptocurrency and how it relates to your estate plan. Simply stated, cryptocurrency is a nontangible form of currency referred to as “tokens”. Cryptocurrency emerged around 2008, when Satoshi Nakamoto created Bitcoin, establishing the first form of cryptocurrency (link). The purpose behind this invention, was…
Continue reading…Estate Planning Is Dead
by Daniel Scott, Forbes July 26, 2018 Link to Original Article Estate planning is dead. Gone are the days of creating legal structures to hold your assets, pass your fortune on to the next generation and, of course, avoid paying estate taxes. Gone are the days of planning for your death. It’s time to plan for…
Continue reading…What Is Probate?
At Phillips Ballenger, we believe that proper estate planning is essential in avoiding probate. Probate, a process regulated by statutory guidelines and applied through the courts, is triggered when an individual dies without a trust. This process, like other forms of litigation, can be long, arduous, and sadly, adversarial. This week, we give you an introduction…
Continue reading…Celebrity Estate Planning Mistakes – UPDATE: Aretha Franklin Did Not Have a Will!
Large and complex estates are not always adequately planned for. The most recent example of this is the unfortunate passing of famous vocalist, Aretha Franklin. At 76, the singer’s illustrious career is left, vulnerable to the effects of probate, because no will or trust document was left to allocate her assets (link). Unfortunately, her heirs…
Continue reading…Small real estate investors might miss out on new federal tax deduction
by Kathleen Pender, San Francisco Chronicle August 25, 2018 Link to Original Article People who own just one or two rental properties might not qualify for the new 20 percent federal deduction that big-time real estate investors and other pass-through entities will get starting this year. The federal tax law passed in December lets many…
Continue reading…CA Property Tax Breaks: Parent-to-Child Exclusion
PLEASE NOTE- THIS INFORMATION IS AGED- PLEASE REFERENCE UPDATES TO THE LAW NECESSITATED BY CA PROP 19, WHICH BECAME EFFECTIVE ON FEBRUARY 16, 2021, AND SEVERELY LIMITS THE PARENT / CHILD EXCLUSION. California property owners: your wish to transfer your real property interests to a loved one may be eligible for an exclusion! California real property,…
Continue reading…Think your company qualifies for a small business tax break? It’s complicated…
by Marcy Gordon, Associated Press August 10, 2018, USA Today WASHINGTON — Architects and engineers are still in. Accountants, doctors and lawyers remain out — mostly. New rules floated by the Trump administration lay out what kinds of businesses can take a 20 percent deduction against income taxes under the new tax law. With the proposed…
Continue reading…Back-to-School Checklist: A Reminder to Reassess your Financial Planning (Part 2)
For many families, this week marks the beginning of a new school year. This week, we continue with the academic theme, and give you Part 2 of the Back-to-School Checklist. In this final segment, we are discussing the importance of updating your trust documents and planning for the holidays. Update Your Trust Documents Established revocable…
Continue reading…Back-to-School Checklist: A Reminder to Reassess your Financial Planning (Part 1)
The ever-present rush of a new school year is upon us. For many families, this is the last week of summer. This is a great time to assess your current financial situation, long-term, and short-term goals. This week, we are discussing topics that are likely addressed at some point but may not be considered until…
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