With the 2016, large estate tax exemption of $5,450,000, most California estate plans now have no federal estate tax risks. But of increasing concern is how to avoid an increase in real property tax when California real property passes by gift or inheritance. Under the general rule, the assessed value of California real property is … Continue reading California Estate Plans and Property Tax Planning
Next year, the estate tax applicable exclusion amount increases from $5.43 million to $5.45 million. A married couple in 2016 may have an estate of $10.9 million with no estate tax. The annual gift exclusion remains unchanged at $14,000. Copyright 2015 Phillips Law Offices, A Professional Corporation
Request a Transcript or Copy of a Prior Year Tax Return: from the IRS You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll need them if you have to amend a prior year tax return. You often need them when you … Continue reading Request a Transcript or Copy of a Prior Year Tax Return
For most California estate plans, federal estate tax can be avoided, as can probate. Of increasing concern is how to avoid an increase in California real property tax. For the California residence, it can pass from parent to child (or child to parent) without an increase in property tax. But, without proper planning, property taxes … Continue reading Planning to avoid an increase in California real property taxes
For most California estate plans, federal estate tax can be avoided, as can probate. Of increasing concern is how to avoid an increase in California real property tax. For the California residence, it can pass from parent to child (or child to parent) without an increase in property tax. But, without proper planning, property taxes … Continue reading Inheritance: Avoiding an Increase in California Real Property Tax