The recent wildfires in Los Angeles have devastated many homes and properties, leaving affected residents wondering how to manage their financial obligations. If your property was damaged or destroyed in these fires, you may be eligible for significant property tax relief through various programs offered by Los Angeles County. Property owners can file a “Property […]
Property taxes in California can increase dramatically when a home changes ownership due to Proposition 13 rules. When a property transfers to a new owner, the county assessor typically reassesses it at its current market value, which often leads to higher tax bills. However, several legal strategies exist to avoid triggering this reassessment when preparing […]
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 […]
Moving to a new state can bring up many questions about your estate planning documents. A common concern is whether a living trust created in one state remains valid after relocating. Generally, a living trust created in one state is valid in another state. This is because trusts are governed by the laws of the […]
Living trusts are valuable estate planning tools that provide flexibility and control over your assets. In California, you can modify your living trust to reflect changes in your life circumstances or wishes. To amend a living trust in California, you’ll need to create a written amendment document that clearly states the changes you want to […]
When contemplating the end of a marriage in California, you have two primary options: legal separation and divorce. While both processes address similar issues like property division and child custody, they have distinct differences that can significantly impact your future. Legal separation allows you to live apart and divide assets without officially ending your marriage, […]
Living trusts are powerful financial planning tools in California, but they can become complex during a divorce. You might wonder how your carefully crafted trust will fare when your marriage ends. In a California divorce, assets held in a living trust are subject to the state’s community property laws and may be divided equally between […]
Living trusts are popular estate planning tools in California, offering privacy and flexibility in managing assets. Many individuals wonder about the tax implications of these trusts, particularly whether they require a separate tax ID. Generally, a living trust does not need its own tax ID number in California while the grantor is alive. Grantors are […]
