Newman Law Group

Estate Tax Archives

Estate planning experts look for changes with new administration

Perhaps the only thing that is certain is that the political landscape throughout California and the United States as a whole is changing. Each political party has stated their case, and the voters have made a decision. Along with the many other changes that will gradually come in to play, many estate planning experts are expecting there to be some changes in the estate planning process.

Basics of estate planning

Over the years, the average individual will accumulate both assets and liabilities. These will often be in the form of real estate, investments, collections, mortgages and other personal debt. While this accumulation is normal for most California residents, how to handle these assets and liabilities as a part of one's estate is unique to each individual. For this reason, estate planning is crucial for those wanting to make things easier and protect assets for the next generation.

Can both spouses utilize the federal estate tax exemption?

Readers have likely heard about the spousal deduction, whereby a spouse can leave an unlimited amount of assets to a surviving spouse without triggering estate tax liabilities. However, does that mean that first spouse's federal estate tax exemption is gone?