Newport Beach, CA
Tax Lawyer at Newport Beach, CA
Practice Areas: Tax, Estate Planning
Section 6166 Election In general, the federal estate tax is due within 9 months of the date of death. However, if the estate is illiquid the executor of the estate may have a difficult time raising ...
See Full GuideWhat is a Special Needs Trust? A Special Needs Trust is a trust that is created to provide for beneficiaries that are disabled or mentally ill so that they can use property that is held for their ben...
See Full GuideWhat is the purpose of a QDOT? A QDOT, or Qualified Domestic Trust, is used by estate planners when one of the settlors is not a United States Citizen. This is done to preserve the marital deductio...
See Full GuideQuestionnaire If your attorney gave you a questionnaire, take the time and fill this our as completely as you can. If you do not understand an area, or need further clarification, make notes on the ...
See Full GuideWhat is the New Home Buyer Credit? The new home buyer credit is an $8,000 credit that is similar to the $7,500 credit that was offered to new home buyers last year. Only this credit is better, becau...
See Full GuideAdvantages to a good succession plan 1) You can convert otherwise ordinary income to capital gain. 2) Defer current taxes 3) Structure sale of business in a tax advantaged manner 4) Lower your ov...
See Full GuideAlternate Valuation Date Instead of valuing assets at the date of death, you can use an alternate valuation date 6 months after the date of death for all the assets (cannot pick and choose). In lig...
See Full GuideGifting in an economy where assets have low values In today's economy most assets are being held at substantially lower valuations. These lower asset values are providing opportunities for those of ...
See Full GuideGifting Plan Gifting to others while you are alive can offer substantial income and estate tax advantages. The income earned on the assets gifted is no longer yours, but belongs to the person you gi...
See Full GuideSeparate Property Trust If you want to maintain property as separate property in a community property state like California, it is a good idea as part of your estate plan to keep the assets in a sepa...
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