by Christian Salgado | Aug 1, 2024 | Estate Planning
Uniform Directed Trust Act: The California Uniform Directed Trust Act (“UDTA”) came into effect January 1, 2024; amending California Probate Code by adding Sections 16600 through 16632, explicitly authorizing the use of directed trusts. A directed trust allows persons...
by Christian Salgado | Apr 1, 2024 | Estate Planning
WHAT IS A HOLOGRAPHIC INSTRUMENT? Handwritten Will: The term holographic instrument is typically used to reference a handwritten will – that is, a will in the testator’s handwriting instead of being typed out in a more traditional fashion. California considers...
by Christian Salgado | Nov 21, 2023 | Estate Planning
ESTATE, GIFT, AND GENERATION SKIPPING TAX EXEMPTIONS The Estate Tax is a federal tax levied on the transfer of wealth when an estate exceeds a predetermined amount in effect the year an individual passes away; is often referred to as the lifetime applicable exclusion...
by Evan Ferini | Nov 21, 2023 | Agriculture Law, Estate Planning, Real Estate Law
PROPOSITION 13 REASSESSMENTS ON PROPERTIES HELD IN LEGAL ENTITIES Today, many people are generally aware of California’s Proposition 13, and its limitations on property taxes. Also, many people today choose to own real estate inside of a legal entity for the personal...
by Christian Salgado | Aug 1, 2023 | Estate Planning
WHAT IS GIFT TAX? The Internal Revenue Code (“IRC”) imposes a gift tax on transfers of assets to an individual other than a spouse or dependent when such transfers exceed a specified amount – often referred to as an annual exclusion amount. Similar to the estate tax...
by Evan Ferini | Jun 1, 2023 | Estate Planning
COST BASIS RULES: JOINT TENANCY When someone inherits an asset, it can be difficult to understand what their potential tax liability will be, especially if they already owned an interest in that asset. In this article, we are going to discuss what California...
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