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It’s that time of year…tax season. When most of us think of tax season, we think of our individual and business tax returns since these are the most common tax forms. Most of us do not think of the tax obligations relating to estates and lifetime gifts—but many of us should. In 2024, the estate [...]
Unknown to many of us, the government does not take money from a person’s estate most of the time. In fact, estates will usually pay little-to-no money to the government through taxes, unless there are debts owed to governmental agencies such as Medi-Cal. The two main types of tax to consider are income tax and [...]
Over two years after the “Stay at Home” order went into effect, with Omicron, many people still feel overwhelmed and helpless, which is why now, more than ever, it is important to ensure that you and your loved ones are adequately equipped to handle whatever challenges may arise. Although having a living trust or will, [...]
Unknown to many of us, the government does not take money from a person’s estate most of the time. In fact, estates will usually pay little-to-no money to the government through taxes, unless there are debts owed to governmental agencies such as Medi-Cal. The two main types of tax to consider are estate tax and [...]
LOS ANGELES, CA / ACCESSWIRE / May 18, 2021 / Southern California estate planning firm, The Law Offices of Tony J. Tyre, Esq., APC, examines the new estate tax law changes and what people need to know moving forward. As detailed recently on their website, estate taxes are being discussed much more these days with [...]
There has been a lot of talk in the media recently about estate tax. Estate tax, often called “inheritance tax,” is different than income tax – it is a value based tax. Your estate only pays estate tax if your estate is worth more than the estate tax exemption. The current exemption is $11.7 million, [...]
It’s that time of year...tax season. When most of us think of tax season, we think of our individual and business tax returns since these are the most common tax forms. Most of us do not think of the tax obligations relating to trusts—but many of us should. Many of my clients are surviving widows [...]
As we approach a new year and await the transition to a new presidential administration, questions have emerged regarding President-elect Biden’s proposed tax plan with respect to estate and gift tax laws. Although currently few details are known about Biden’s tax proposals, here is a summary of two of the most notable proposed changes: Decrease [...]
Proposition 19 passed in the recent election by receiving approximately 51% of votes and will take effect in California on February 16, 2021. Under current law (pre-Prop 19), there are great benefits for parents who want to transfer property to their children yet avoid property tax reassessment. For example, a married couple can pass property [...]
This is something I hear almost weekly in my office. Most clients are surprised to hear that the general answer is “the government will not take your money.” Estates will usually pay little-to-no money to the government through taxes unless there are debts owed to governmental agencies such as Medi-Cal. There are two types of [...]
