Sorry, California: INGs Are No Longer an Option—How Will This Impact You?

tax forms on table with black coffee mug on the side

California Governor Gavin Newson recently signed legislation that treats incomplete gift nongrantor trusts (INGs) as grantor trusts for state income tax purposes. Retroactive to January 1, 2023, Californians who created and funded an ING will owe state income taxes on any taxable income earned by the ING. While closing the ING loophole marks the end […]

Nine Ways Your Estate Plan Could Breed Conflict

Friction between family members can escalate during a scorching summer heatwave. Likewise, a flawed estate plan has the potential to breed conflict, mistrust, and financial turmoil among your beneficiaries in several ways. Lack of a plan. If you fail to create an estate plan altogether, it can lead to significant disputes and confusion among your […]

Important Dates to Be Aware of in 2023

The new year brings with it important dates that may impact your financial situations and tax deadlines you may need to meet. March 6, 2023, is the deadline under the sixty-five-day rule for trust distributions. Under Internal Revenue Code (I.R.C.) § 663(b), distributions made to beneficiaries of nongrantor trusts (and estates) made within sixty-five days of […]

Tax Season Is Just around the Corner

For everything there is a season, and it will soon be the season for taxes. Although it always seems to arrive too quickly, you will start to receive important tax documents by January 31. Whether you are filing as an individual or administering an estate or trust, you should start to prepare for tax day, April […]

What are Biggest Blunders in Wealth Transfer?

We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?

What Planning Should I Do in My 50s?

If you are one of the many people who start getting serious about their finances as they reach their 50s, enjoy this guide for your next steps.

Can I Avoid Taxes when I Inherit?

Unless you spend your winters in Aspen and your summers in the Hamptons, you probably don’t have to worry about paying federal estate taxes on an inheritance. In 2021, the federal estate tax doesn’t kick in, unless an estate exceeds $11.7 million. The Biden administration has proposed lowering the exemption, but even that proposal wouldn’t affect estates valued at less than about $6 million.