While most people in California won't have to bear the burden of estate taxes when inheriting a loved one's assets, many will, as a large number of wealthy people live in the state. If you have considerable assets, you can take steps now that will reduce estate taxes...
Estate Tax
What should you really be worrying about with estate taxes?
On Behalf of Newman Law Group | Aug 9, 2022 | Estate Tax
While death and taxes are the only guarantees in life, most people won't deal with death taxes. You have to have or give away enough assets to owe gift or estate taxes. Like other taxpayers, California taxpayers use "step-up in basis" to lower their tax obligations....
Some Types of Charitable Giving
On Behalf of Newman Law Group | Aug 1, 2022 | Estate Administration & Probate, Estate Tax
Charitable giving happens when you chose an organization that is close to your heart and give money or another asset. Living in California, there may be a specific charity that you especially like that is close to home. Or it may be a charity that spans the country or...
Considering estate taxes is essential to minimize the amount paid
On Behalf of Newman Law Group | Jul 25, 2022 | Estate Administration & Probate, Estate Tax
While many individuals in California create an estate plan to make it easier to distribute assets to beneficiaries, paying attention to the tax consequences is essential if you're a high-net-worth individual. Understanding the differences between inheritance, state...
Retiring with the right estate plan in California
On Behalf of Newman Law Group | Mar 17, 2022 | Estate Tax
Not only can you build more wealth in retirement, but you can make more money for a fuller life. Spending, however, comes with its own risks, so it would be advantageous to revisit your estate plan now. Legally, you can make changes to your wealth management until the...
Reducing estate taxes is worth considering at any income level
On Behalf of Newman Law Group | Jul 29, 2020 | Estate Tax
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...
An IDGT could help with reducing estate taxes
On Behalf of Newman Law Group | Jul 15, 2020 | Estate Tax
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...
Consider reducing estate taxes when planning
On Behalf of Newman Law Group | May 7, 2020 | Estate Tax
When many California residents think of their end-of-life wishes, they consider who they want to receive certain assets. However, it is important to go beyond that line of thinking when estate planning. For example, it is often a smart move for parties to consider...
Bypass trusts could assist in reducing estate taxes
On Behalf of Newman Law Group | Apr 6, 2020 | Estate Tax
Many California residents worry about the taxes their estate may face after their passing. Many individuals may have wealth that exceeds the exemption limit, and as a result, they want to look into reducing estate taxes. Fortunately, a bypass trust may be able to help...
Estate planning in a turbulent market
On Behalf of Newman Law Group | Mar 16, 2020 | Estate Tax
Having an estate plan is an excellent step toward establishing one's legacy in California. But like so many things in life, estate planning is meant to be an ongoing process. The plan should be reviewed and revised as needed every few years. The current fluctuations...
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