Newman Law Group

July 2020 Archives

Reducing estate taxes is worth considering at any income level

The idea of paying taxes is enough to make almost any California resident groan. Even after their passing, residents' estates could face taxation from the government. Of course, many individuals may think that they do not have to worry about reducing estate taxes because are not wealthy enough to face such taxation. However, it is still important to plan for that possibility because matters can change.

Appointing separate power of attorney agents to multiple accounts

Deciding to appoint someone to handle important personal matters is a step in the right direction. Of course, even if California residents want to appoint power of attorney agents, they may feel uncertain about the best way to go about doing so. Additionally, they may wonder whether they can put more than one person in charge of different accounts.

An IDGT could help with reducing estate taxes

Individuals who have accrued a considerable amount of wealth throughout their lives may have reason to be concerned about their taxable estate. Some California residents may exceed the exemption limit and their estate could face taxation after their passing. As a result, reducing estate taxes may be something that interests them, and trusts could help.

Trust preparation may be worth considering for any estate planner

The idea of creating an estate plan is sometimes offputting to certain individuals. They may not like the idea of having to think about what should happen to their belongings after their passing or what decisions should be made if they become seriously ill. As a result, when they do decide to start planning, they may want to go with a bare-bones approach that could help them complete the process quickly. However, it may be wise to go beyond a will and consider trust preparation as well.