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Giving Thanks

The end of the year is often a time when I remind people to work on their estate planning now. Why now? Well, first and foremost your estate plan is for your loved ones; family, friends, charities. What better time to think about your loved ones than Thanksgiving and the end of year holiday season!? […]

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The BEST estate planning tool in California

There are a lot of great estate planning tools available to use. Clearly everybody should have a will, a financial “durable” power of attorney and a health care directive (or “living will”).  However, there are other options. Two that I particular like are the Qualified Personal Residence Trust (QPRT) and the Irrevocable Life Insurance Trust […]

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Estate Planning with Family LLC’s (FLPs)

I met with a client recently with family assets that would be perfect for a family LLC or FLP.  The client owned three properties with their siblings. There was a valuable home and two commercial properties.  Currently each sibling owned 1/3 and thus they are a de facto “general partnership.”  This is probably not the […]

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What will tax laws be in 2013 and beyond?

I saw the following in Stephen Leimberg’s Estate Planning Newsletter.  This week’s issue written by Marty Shenkman and Bob Keebler who are well known national experts on tax law. I will quote Mr. Shenkman and Mr. Keebler’s words and then provide a couple of points below that as my added commentary: “Likely Changes to the Current […]

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Veteran’s Day 2012 and estate planning

As an estate planning attorney I often have the pleasure of meeting with retired veteran’s. On this day we are reminded to say THANK YOU!  I forget the other days but am occasionally reminded when a retired vet comes in, often very elderly, with their WWII hats and the like. What an honor it is […]

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Fiscal Cliff and transfer taxes

I remember back in late 2001 when they came up with the major tax changes of 2002. I suppose those can be categorically called the “Bush Tax Cuts.”  It seemed like the ultimate politician’s agreement… a temporary fix to the estate and gift tax laws. How can an estate planning attorney plan with a temporary […]

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“Mr. Jefferson” in Court

Sherman Hemsley is deceased… and just like the Jefferson re-runs will go on forever… his probate case may also.  This is an interesting one and it clearly underscores the importance of a really good estate plan. Mr. Jefferson was a very successful businessman on the Jeffersons. My recollection is he made his money in the […]

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Who are you voting for today?

This blog is about taxes and specifically transfer taxes. That is, gift, estate, capital gains, and general income taxes. This is not a political commentary or a commentary about other aspects of who you vote for. I am only talking about the tax angle. With that caveat said the question is does it matter who […]

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Federal AFR Rates – November 2012

Right from the horse’s mouth, so to speak, here are the November 2012 AFR rates straight from the IRS website: Section 1274.–Determination of Issue Price in the Case of Certain Debt Instruments Issued for Property (Also Sections 42, 280G, 382, 412, 467, 468, 482, 483, 642, 807, 846, 1288, 7520, 7872.)    Rev. Rul. 2012-30 […]

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