Estate Planning, Trusts and Probate Archives - Page 2 of 8 - Kevin J. Moore & Associates

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Estate Planning, Trusts and Probate

When an IRA Trust is a Good Estate Planning Tool

ira trust - family estate planning

Many of my clients have accumulated substantial assets in an IRA. It is commonly, along with their real estate holdings, one of the largest assets they have in their estate. There are, however, certain issues that arise when the owner of the IRA passes away. Most notably, the assets in an IRA do not pass through a living trust. They pass to the beneficiaries pursuant to the terms of the […]

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Don’t Forget Property Tax Issues When Planning Your Estate

kevin j moore - property tax issues

As a property owner or investor, you know the drill: the tax assessor establishes the value of any property you own at the time of purchase and you are responsible for the taxes based on that assessment. Your property tax rate may go up annually – but not by more than 2% a year thanks to Proposition 13. But what happens when you pass your property on as part of […]

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With the new year come new limits for the estate and gift tax exemption

On the campaign trail, President Trump promised to repeal the estate tax aka death tax. That plan failed. But the new tax law, effective since the beginning of the year, significantly reduces the number of estates that will need to pay the tax. It doubles the exemption limit for the estate, gift and generation-skipping taxes set for 2017. Portability remains in effect, as does the marginal estate tax rate of 40 […]

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An Important Decision Regarding California’s Financial Elder Abuse Law

kevin j moore - elder abuse laws

The recent case of Mahan v. Charles W. Chan Insurance Agency, Inc. highlights the intricacies and reach of California’s elder abuse law. The facts of Mahan are representative of many financial elder abuse cases. As part of their estate plan, Fred and Martha Mahan in the 1990s created a revocable trust, the “Children’s Trust,” to hold their life insurance policies, with their daughter Maureen as trustee. The Mahans funded the […]

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Don’t Overlook International Estate and Gift Tax Treaties

kevin J Moore - Gift and Estate Tax

Gift and estate tax issues can be especially complex in the case of an individual whose domicile or property spans multiple countries. Each country has its own gift and estate tax laws, and when a decedent resides in one country while owning property in another, the estate may be subject to both higher and duplicative taxes. A huge potential variable is the existence of an estate and gift tax treaty […]

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Learning from Prince: Why it pays to have an estate plan with trusts and a will

One year after Prince’s death on April 21, 2016, the fate of his estate remains up in the air, and according to a recent article in the New York Times, the six likely heirs to the pop icon’s vast fortune are fighting. At issue are legal fees and the question how much discretion the estate’s administrator should have in managing the estate. But the disputes — as well as a […]

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Repeal or no repeal? President Trump has promised to abolish the federal estate tax, but uncertainty rules

Friends and clients have lately been asking me: Will President Donald J. Trump repeal the federal estate tax like he promised on the campaign trail? What happens if he does? How will any possible change affect individuals like me? Your questions may sound similar, and you should hear what I’ve been telling people. First, the details of Trump’s plan are still murky. Second, it is politically uncertain whether Congress would […]

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No-contest Clauses, Wills and Lawsuits: Why in Estate Planning Small Details Really Matter

When somebody dies with an estate plan and a last will in place, the deceased person’s assets usually pass to the heirs smoothly and swiftly. But every once in a while things go awry, and the courts get involved. So it happened with a case that the 2nd District Court of Appeal in Los Angeles filed in November, Estate of Dayan. The case hinged on a no-contest clause in the […]

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Families: Beware of Proposed IRS Rules

ira trust - family estate planning

IRS Proposed Rules Will Substantially Increase Estate and Gift Taxes On August 2, 2016 the IRS announced proposed rule changes that may have important consequences for assets that are owned by families. If the rules are finalized in their current proposed form, they will likely go into effect in December 2016. As is explained in more detail below, it is imperative that families that are contemplating transferring assets to family […]

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IRS Proposed Rules Will Substantially Increase Estate and Gift Taxes

IRS Proposed Rules Will Substantially Increase Estate and Gift Taxes

On August 2, 2016 the IRS announced proposed rule changes that may have important consequences for assets that are owned by families.  If the rules are finalized in their current proposed form, they will likely go into effect in December 2016.  As is explained in more detail below, it is imperative that families that are contemplating transferring assets to family members act now to lock in the current more favorable […]

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