A grantor retained annuity trust is a wealth preservation tool that can be used by high net worth people who are exposed to the federal estate tax when certain circumstances exist. Before we get into the details, we should take a look at some relevant information about the federal estate tax and the gift tax. The federal estate tax carries a 40 percent maximum rate, and this is quite a large number, especially when you consider the fact that your estate is comprised of assets that you have left after paying taxes all of your life. Many people think that the estate tax is excessive and unfair, but regardless of how you may feel about the tax, it is a fact of life. Click here to read the whole report or download the PDF. The post Free Report: What Is A Grantor Retained Annuity Trust? appeared first on Northern California Center for Estate Planning and Elder Law.
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Do You Have to Report an Inheritance as Taxable Income?
You may be concerned about taxes that your loved ones may have to pay when they receive their inheritances. We will examine some taxes that can come into play, but first, we should look at regular income taxes. There is usually very little good news to pass along with regard to taxation, but this case is an exception. In fact, an inheritance is not considered to be taxable income, so your loved ones would not have to report their inheritances when they file their returns. Plus, appreciated assets that are passed along at death get a step-up in basis for capital gains purposes. An inheritor who inherits appreciated assets would not be required to pay capital gains taxes on the gains that took place during the life of the decedent. Going forward, the capital gains tax could come into play if the assets continued to appreciate and the inheritor was to realize a gain. Estate Tax Though income taxes will not be a problem, the federal estate tax can be applied on large asset transfers. Ther
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Free Report: What Questions Should I Ask a California Elder Law Attorney
Elder law attorneys are legal professionals who focus their practice on assisting senior citizens with the legal problems they face. When you consult with an elder law attorney, you can create an intelligent and informed plan that leads to a comfortable and secure future. Topics covered in this report include: Is there any particular elder law issue that I should be concerned about? How expensive is long-term care? How long is the average length of stay? Do most people require long-term care as seniors? Does this mean that I may spend everything I saved on nursing home care? Click here to read the whole article or download the PDF.
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Free Report: Preparing for California Incapacity: Part 2 of 2
When you create an incapacity plan you get to address these types of questions by appointing an agent under a durable financial power of attorney. A power of attorney is a document in which you can name an individual who will receive the legal ability to make decisions for you should you become incapacitated. The person you appoint will become known as your agent, or attorney in fact, and will be able to look after your affairs when you can no longer do so. Topics covered in this report include: Financial Decisions Medical Decisions Develop an Incapacity Plan Today Click here to read the whole article or download the PDF.
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Free Report: What Is a Revocable Living Trust in California?
A revocable living trust is an asset transfer vehicle that can facilitate efficient asset distributions outside of the legal process of probate. This type of trust can be useful for people of relatively ordinary means. If you use a will instead of a trust, the probate process enters the picture, and it can be time-consuming and expensive. To learn more about revocable living trusts, schedule a consultation with a licensed estate planning attorney. Click here to read the whole article or download the PDF.
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Free Report: What is the Annual Gift Tax Exclusion in California
You have to be aware of federal transfer taxes when you are planning your estate. If you are exposed, there are steps that you can take to reduce the burden. Topics covered in this whitepaper include: Federal Gift Tax Unlimited Marital Deduction Annual Gift Tax Exclusion Estate Tax Efficiency Strategies Click here to read the whole article or download the PDF.
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Free Report: Charitable Gifting in California Through Your Estate Plan
A charitable gift annuity also offers benefits to the donor as well as to a designated charity. As the donor, you would make a one-time gift of cash or securities (though some states allow gifts of property or closely held stock as well) to a charity. In return, the charity will provide you with annuity payments for life from the charity. You determine when the annuity payments begin. Topics covered in this report include: The Gift and Estate Tax Tax Benefits of Gifting Direct Gift Family Foundation Charitable Remainder Trust (CRT) Charitable Lead Trust (CLT) Charitable Gift Annuity Donor Advised Funds Click here to read the whole article or download the PDF.
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Free Report: What is a Will and How Does It Work in California?
When you create a will it’s important to understand that your document is not a contract. A will only becomes effective after you die. In order for it to become effective for probate estates in excess of $150,000 your executor, or someone else, will have to commence probate proceedings in a California Superior Court. Topics covered in this report include: Creating a Will What They do Will Property and Probate Modification Click here to read the whole article or download the PDF.
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