Los Angeles has an extraordinary mystique on many different levels. It is the epicenter of the entertainment industry, and it is no secret that high-profile actors, directors, producers, and musicians can make enormous sums of money. There are also many wealthy people in the sports industry who reside in Los Angeles County, but these famous celebrities are only part of the wealth equation here in our area. As the second biggest city in the United States, businesses that are located in L.A. are … [Read more...] about Los Angeles Leads Country in Number of Millionaires
Creating a comprehensive estate plan requires you to take a number of factors into consideration. One of the most important of those factors is the impact state and federal taxes could have on your estate plan. You may be familiar with the concept of federal gift and estate taxes; however, you may not be certain if the federal gift tax applies to your estate and, if so, how it will affect your estate. Failing to understand how federal (and state) gift and estate taxes work and the impact they … [Read more...] about Do I Need to Worry about the Federal Gift Tax?
How Much Can You Transfer Free of the Estate Tax? from Collins Law Group Leaving someone an inheritance is like giving a gift. Giving is generally considered to be a good deed. However, if you leave significant inheritances to your loved ones, there may be a price to pay. … [Read more...] about How Much Can You Transfer Free of the Estate Tax?
This tax is only a factor for high net worth individuals, because there is a relatively large estate tax credit or exclusion. During the current calendar year, the amount of this exclusion is $5.43 million. You can transfer up to $5.43 million tax-free, but anything that you are transferring beyond this amount is potentially taxable. There have been increases in the amount of the estate tax exclusion over the last several years, so there will probably be another relatively modest … [Read more...] about Free Report: What Is The California Estate Tax Marital Deduction