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Estate Tax Tag

Out of the Frying Pan into the Fire

dollars

In the midst of all of the talk about potential federal estate tax repeal, many individuals have elected to postpone further estate planning trusting that the repeal will occur.  However, if you are a California citizen it appears that no such hope will exist.  Back in February of this year, California State Senator Scott Weiner, proposed a ballot measure that would provide for a California estate tax if the federal estate tax is repealed.  This tax would be equal to the federal estate tax that would have otherwise been paid by a California resident decedent.  Subsequently, on March 23rd of...

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Is An Attorney Necessary For Trust Administration If Everyone Agrees?

It is common for people to feel that if they have a revocable living trust, they will not need an attorney during trust administration since the trust will tell them everything they need to do with the assets, especially when all of the beneficiaries agree how assets are to be divided.  In my experience, this is rarely true.  Here you will find some of the pitfalls of attempting trust administration without the help of a competent estate tax attorney. Notification Often the successor trustee (person responsible for administering a trust after the death of the trust makers) thinks the trust document will...

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Implications of New Leadership in the White House

The White House

Regardless of the outcome of this election, we can be certain that the future of estate taxes is uncertain. Both major party candidates for president have set out proposals for changes in US fiscal policy.  Fiscal policy is not set solely by the president, but if the president has cooperation from Congress, he or she can have a major impact. Current federal estate tax law exempts estates worth $5.45 million or less ($10.9 million for a married couple). Estates worth less than $5.45 million will not pay any estate tax at all.  According to a 2015 report from Congress’s Joint Committee on...

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