Large estates that contain millions of dollars’ worth of assets are potentially subject to major tax obligations. Once the total value of the estate reaches $13.99 million, as of 2025, the estate may be responsible for federal estate taxes. The federal estate tax is a...
A family limited partnership (FLP) can be a valuable tool for families who own assets or a business together. When set up the right way, it helps protect your family's wealth and makes it easier to pass things on to the next generation. While FLPs can sometimes help...
Did you know that you can update your estate plan? Altering your estate plan may be a crucial step to protect your legacy. On average, people should consider updating their estate plan every three to five years. However, you may need to update your estate plan after...
Inheriting money from your parents brings both good things and tax questions. California doesn't take any tax from your inheritance, but the federal government might if the estate is worth over a certain amount. Many people get confused about which tax rules apply...
Yes. If you own a business, you need an estate plan to avoid delays, tax exposure or leadership gaps. Without one, your company may face probate, which can disrupt operations and create legal uncertainty. How your business changes estate planning Business assets –...
Many adults have debts throughout their adulthood. One question many don’t think about is what’s going to happen to those debts when they die. If you have any debts, including ones such as credit card bills or mortgages, your estate will likely be the entity to handle...
Thanks to a new law that just took effect this April, more California estate assets can be excluded from probate even if they aren’t placed in a revocable living trust or other steps aren’t taken to avoid the sometimes lengthy and costly process. In California,...
When making an estate plan, you may have a beneficiary that you want to leave a significant inheritance to, but you feel that it is not the right time. It would be better if you could delay it until they were a bit older. For example, perhaps you have a child who is...
An estate plan can certainly be written with relatively equal bequests. If you have multiple beneficiaries, they all receive a similar portion of the estate. It can sometimes be hard to split up sentimental items, but you could divide financial assets equally or leave...
A vacation home is often a prized family asset. Whether it is a cabin in Tahoe, a vineyard retreat or a coastal property, these places carry strong memories. Passing them to children, however, can trigger estate taxes, higher property tax assessments and disagreements...