Whether it is fair or not, there are taxes on large asset transfers in the United States. Those who speak of unfairness point out the fact that you are transferring assets that you have left after you paid taxes throughout your life, but apparently, the tax man sees things a different way. One tax on asset transfers is the generation-skipping transfer tax. This tax is potentially applicable on large asset transfers to family members who are more than one generation younger than you are. It can … [Read more...] about What Is the Generation-Skipping Transfer Tax?
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Free Report: What Is California Legacy Planning
We practice law in California, and there is no state-level estate tax in our state, but there is a federal estate tax. This tax carries a 40 percent top rate that can significantly impact your family's financial future if you face exposure. You can transfer unlimited assets to your spouse tax-free through the utilization of the unlimited marital deduction. Topics covered in this report include: Wealth Preservation Family History Ethical Will Philanthropic … [Read more...] about Free Report: What Is California Legacy Planning
The Importance of Estate Planning in Light of Bobbi Kristina Brown’s Death
Personal and financial decisions during life drastically impact legacy in death Click Here to REGISTER for one of our Free WILLS & LIVING TRUSTS Workshops and learn how you can protect your family and your legacy! (Los Angeles-August 3, 2015)--Bobbi Kristina Brown was laid to rest last month after experiencing an irreversible brain injury in January. Sadly, the circumstances of her death mirror those of her mother, music icon, Whitney Houston who passed away in 2012 on the eve of the … [Read more...] about The Importance of Estate Planning in Light of Bobbi Kristina Brown’s Death
What Is the Difference Between SSI and SSDI?
There are government programs with wordy names that are often shortened to acronyms. This can create confusion, so we will look at the two programs called SSI and SSDI in this blog post, and we will explain the distinctions between them. SSI The Supplemental Security Income (SSI) program is in place to provide income for people with disabilities who cannot earn much on their own. This is a need-based program. To qualify for SSI, you must be able to prove that you have very limited financial … [Read more...] about What Is the Difference Between SSI and SSDI?
Should I Have a California Durable Power of Attorney
Should I Have a California Durable Power of Attorney from Collins Law Group When you create this document, you empower a hand-picked decision-maker to act on your behalf in the event of your incapacitation. Learn more about California durable power of attorney in this presentation. … [Read more...] about Should I Have a California Durable Power of Attorney
What Is the Uniform Probate Code?
The probate process is a legal mechanism that can enter the picture when an estate is being administered. When a last will is used as a vehicle of asset transfer, it must be admitted to probate after the testator's death, and the probate court will supervise the administration of the estate. This process can be complicated, and it can get lengthy. During the 1960s, the National Conference of Commissioners on Uniform State Laws decided to work with the Real Property, Probate and Trust Law … [Read more...] about What Is the Uniform Probate Code?
What Is the Medi-Cal Monthly Maintenance Needs Allowance?
The Medi-Cal program should be on your radar, even if you are going to qualify for Medicare when you reach the age of 65. This is because Medicare does not pay for living assistance, but Medi-Cal will help if you need long-term care at some point in time. If you are thinking that it is unlikely that you will ever need care, you should understand the facts. The United States Department of Health and Human Services maintains a very useful website called LongTermCare.gov. According to the site, … [Read more...] about What Is the Medi-Cal Monthly Maintenance Needs Allowance?
Free Report: What Is a Revocable Living Trust in California
If you were to create a revocable living trust, you would be referred to as the grantor of the trust. You may assume that you lose direct control of assets that you convey into the trust, but this is not the case when you have a revocable living trust. The person or entity who administers a living trust is called the trustee. You can act as the trustee while you are alive and well, so you would be the person controlling the actions of the trust. Topics covered in this report … [Read more...] about Free Report: What Is a Revocable Living Trust in California
What Is California Probate
What Is California Probate from Collins Law Group Studies show that most adults have not executed all of the necessary estate planning documents. During probate, there is a proving of the will.Learn more about California estate planning in this presentation. … [Read more...] about What Is California Probate
What Is the Annual Gift Tax Exclusion?
The federal gift tax is in place to prevent people from giving gifts in an effort to avoid the estate tax. Shortly after the enactment of the estate tax in 1916, people did give gifts to sidestep the tax, because there was no gift tax. The gift tax was enacted a few years later, and after a brief repeal, it was reenacted in 1932, and it has been in place ever since. Annual Gift Tax Exclusion Every gift that you give is not going to be taxed, because there are some gift tax exclusions. One of … [Read more...] about What Is the Annual Gift Tax Exclusion?
