The Internal Revenue Service has announced significant increases to gift and estate tax exemptions for 2025. These changes will impact high-net-worth individuals and their estate planning strategies. The federal estate tax exemption will rise to $13,990,000 per individual in 2025, up from $13,610,000 in 2024. For married couples, this exemption doubles to $27,980,000, providing substantial […]
California is set to implement a significant change to its probate laws. Starting April 1, 2025, the small estate affidavit limit will increase to $750,000. This adjustment will allow more estates to bypass full probate proceedings, potentially saving time and money for beneficiaries. The new law, Assembly Bill 2016 (AB 2016), will raise the current […]
California businesses face new reporting obligations under the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Information (BOI) requirements. These rules aim to enhance transparency and combat financial crimes by requiring companies to disclose their beneficial owners. Companies created or registered in California in 2024 have 90 calendar days from the date of receiving actual or […]
Protecting Your Wishes: Understanding the Privacy of Wills and Living Trusts in California Today, we’re diving into a question that’s been on many minds: “Are wills public record in California?” If you’re concerned about your personal assets and privacy, you’re in the right place. We’ll not only answer this burning question but also shed light […]
Crafting Your Legacy: A Step-by-Step Guide to Creating a Will Without a Lawyer Hey there, savvy planners! Today, we’re diving into a topic that’s incredibly important but often gets overlooked: creating a will. While the idea of making a will might sound intimidating, fear not! We’re here to guide you through the process of crafting […]
Ensuring Your Financial and Personal Affairs Stay in Good Hands: Understanding the Importance of a Power of Attorney As we age, it’s important to begin planning for the future and even the unexpected. One step in this sort of planning that can be absolutely crucial is understanding what a power of attorney is and why […]
Learn about Small Estate Affidavits in California When someone passes away in California, the process of transferring ownership of his or her property can be complicated. Going through probate is a long and expensive process. Luckily, California Probate Code 13050 formed a procedure to allow beneficiaries to inherit without going through formal probate proceedings: small […]
Steps to take when settling an estate after death Losing a loved one is one of the most difficult experiences we can go through in life. It’s a time filled with sadness, confusion, and grief. And while dealing with the emotional fallout of a loved one’s passing can be challenging enough, there’s also the matter […]
What is QDRO and how does it work? A California QDRO is a Qualified Domestic Relations Order. The purpose of a QDRO is to separate pre-tax retirement accounts without tax consequences to the plan participant and transfer a portion of the participant’s account to the alternate payee following a divorce or dissolution of a domestic […]
Don’t put off until the end of the year what you can check off your “to-do list” TODAY! If we can help you mark any of these important items off your “to-do list”, please give us a call! We have made the process of getting legal documents prepared as simple as possible. For example, to […]
