In my post last week, I talked about challenging your property tax bill, and how such challenges can often be successful. This applies especially in instances where the county mistakenly reassesses the value of real estate, and in some others where appellants question the county’s valuation of their property. There are, of course — and I didn’t mention this last time — some additional reasons to appeal a property tax […]
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Archive for 2015
If you own real estate in California then you know that it’s tax time. The county sent you your most recent property tax bill about two months ago, in early October. The payment came due on November 1, and you have until December 10 to mail it and avoid the ten percent fine for delinquency. So far, so good. But what if your property tax bill seems too high? Mistakes […]
Read MoreThe IRS recently announced the estate and gift tax exemption for 2016; it has been set at $5.45 million for individuals and $10.9 million for couples. (The estate tax exemptions for the current tax year are $5.43 million and $10.86 million respectively. The slight rise reflects the very low inflation rate for 2015.) With a limit of $14,000 per gift, the annual gift tax exclusion will remain the same. So should […]
Read MoreLet’s start with a hypothetical scenario: A friend of yours, the co-owner of a small L.A. based enterprise that produces custom made furniture, asks you to join his company’s Board of Directors. You feel honored by the trust placed in you, don’t see any potential conflict of interest, reflect on what the time commitment might be — a few board meetings a year doesn’t sound too bad — and are […]
Read MoreLet’s start with a hypothetical scenario in which A offers his friend B a job in his newly founded tech company if B is willing to invest in the business. Trusting his friend, B agrees to become a minority shareholder. For a while things are going great. A’s company is growing fast and adding new employees every month, and B likes his work. But after a couple of years B […]
Read MoreLet’s say you’re having a good year financially, you’re single and without family obligations, and you decide to help out a nephew who is struggling to pay for his college education. You look at your various accounts, think about the appreciation of that piece of real estate that you bought two years ago, and you come up with a number; a check in the amount of $20,000, you think, would […]
Read MoreWhen creating an estate plan, tension often arises between carrying out the wishes of the person setting up the trust (aka the settlor) and the requirements of the law. The law often requires the settlor to make certain commitments in order to get tax and related benefits. That is why irrevocable trusts often make people nervous. The word “irrevocable” has finality to it, and raises the question, “Am I really […]
Read MoreDid you know that estate planning is more important for women than for men? Why? Women have a higher life expectancy than men, and those who marry tend to pick partners older than themselves. They are therefore not only more likely to become incapacitated as they age, but also more likely to be widowed. And in most cases, they will have the final say when it comes to the distribution […]
Read MoreFor most people, estate planning serves one purpose: to have ones affairs in order before it’s too late. By providing for guardianship for their children, writing up advance directives for healthcare and creating a will or an estate plan, people can ensure that the state will have no say over who raises their children, that their wishes with regards to end-of-life medical procedures are known and that their estate will […]
Read MoreA friend or a relative just passed away, and you find out that she named you as the executor for her estate. My guess is that you react with a mixed set of emotions. You’re grieving over the loss, feeling honored by the trust placed in you and nervous about taking on the assignment. Questions come up: What exactly does an executor do? How much time will you need to […]
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