Using a Spigot Charitable Remainder Trust to Reduce Income Taxes

If you are interested in controlling when you pay capital gains tax on your assets, a charitable remainder unitrust (CRUT) may be a good option for you. A CRUT allows you to donate assets and receive income from the donated assets for life or a set number of years. After the end of your life or the specified term (up to 20 years), the assets are transferred to a charity of your choice. CRUTs also allow for a "net Read More

Should I Use a Charitable Lead Trust or a Charitable Remainder Trust?

When it comes to estate planning, most people think about trusts first and foremost. A trust is a great way to protect your assets, save on taxes, and avoid probate, but there are several different types to choose from. Two of the most useful charitable trusts are the charitable lead trust (CLT) and the charitable remainder trust (CRT). In this article, we’ll take a look at the differences between a CLT and a CRT to Read More

Can I Use an International Will in California?

For those who own property in multiple countries, an international will can be a great solution to handling your estate planning needs across borders. An international will, however, isn’t a standardized practice between countries - as such, you’ll need to be careful in how your will is created in order to ensure its efficacy in both California and a foreign country. Over the years, there have been a number of Read More

How You Can Use an LLC to Avoid Paying Capital Gains Tax on the Sale of Your Personal Residence

Many people are not aware of the benefits that an LLC can bring to reduce their taxable income on their personal residence that you intend to turn into a rental property. While this method can bring you some great capital gains tax savings, there are a few things to keep in mind before making the decision. First, you’ll need to sell your primary residence to an LLC that you own on an installment note. This will Read More

Using a Heggstad Petition to Avoid Probate

A Heggstad petition can be a very helpful tool for a trustee or beneficiary. When used in conjunction with a General Transfer Document and Pour-Over Will, these documents can provide a safe method to prevent a loved one’s estate from entering probate due to assets that are not funded (transferred to) their trust upon death. The Heggstad petition allows a trustee to transfer assets that are not in a trust upon Read More

Funding Your Trust is Essential to Staying Away From Probate

Probate is a process by which a court oversees the distribution of an estate because the deceased person did not have an estate plan, or some assets were not accounted for in an estate plan, and is often expensive and time-consuming. If you have a trust, however, it could keep your estate from going through probate. In fact, if you have a trust alongside a General Transfer Document and Pour-Over Will, you’ll likely Read More

IRS Raises Mile Deduction Rate to Provide Some Relief From Soaring Gas Prices

Soaring gas prices have become a pain point for almost everyone. Thankfully, the IRS has taken action to provide relief to those who are affected the most. If you’re self-employed or otherwise eligible to deduct your work mileage, this rate change could save you plenty of money on your taxes this year. The Internal Revenue Service has increased the mileage deduction rate from 58.5 cents per mile to 62.5 cents per Read More

Giving to Charity? Give With Your Business Credit Card

Many entrepreneurs are not only focused on their business, but also on the people surrounding them. If you’ve ever felt the impulse to support a cause or give back to an organization, that’s great! However, you should consider giving back from your business account rather than your personal account. Right now, the money you give to a charity from your personal funds is called an itemized deduction. These deductions Read More

What Is Education? A Question Your Estate Plan May Want to Answer

You always think about your kids’ and grandkids’ futures. It might feel like the summer just got started, but August is around the corner … which means that back-to-school season is creeping up on us. But even while your kids prepare for their future in school, you’re often thinking a step ahead. What colleges are they going to attend? What type of future awaits them? When you’re gone, you may not be able to provide Read More

Everything You Need to Know About the New IRS Form 7203 for S-Corporation Shareholders

If you’re an S-Corporation shareholder, you’ve got some brand new tax reporting requirements to fulfill this year. We know this is probably the last thing you wanted to hear, but correctly filing this information is crucial to accurate tax reporting and avoiding potential issues with the IRS. We’re here to provide you with everything you need to know about the new form and reporting requirements, so you don’t have to Read More