Second Bite at the Apple: How Unregistered Domestic Partners (and Other Cotenants) Can Still Avoid Property Tax Reassessment

tax_123145005Do you own a house with someone and don’t want to register as domestic partners, but you still want an exclusion from a change in ownership for property tax purposes when you die? Now you can. Here’s how it works. (more…)

Tax Tip for California Resident Trustee with Nonresident Beneficiaries

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We don’t usually give tax tips, but here’s one in honor of the season. (more…)

If We Die, Where Will the Kids Go?

kid_137155350For every parent, the most important function of his or her will is the nomination of a guardian for minor children. (more…)

No Means No for Successor Trustee of Special Needs Trust With No-Compensation Clause

trustee_99933680A trustee is entitled to compensation for services as provided in the trust instrument when the trust “provides for a trustee’s compensation” (Prob C §15680(a)), or “reasonable compensation” when the trust instrument “does not specify the trustee’s compensation” (Prob C §15681). But what if the trust provides for no compensation? In that case, the trustee is out of luck. (more…)

10 Steps for Developing and Implementing an Estate Plan, Part II

There is no ideal way to handle new estate planning engagements, and it’s important for an attorney to develop his or her own procedure. But there are common procedures taken by many experienced attorneys from which to learn. The first 5 steps in 10 Steps for Developing and Implementing an Estate Plan, Part I set the stage for an estate plan; these final steps take you through the process of putting the plan into place.  (more…)

Pass the Pease, Please: A Modest Proposal to Help Out the “Fiscal Cliff” Negotiations

cliff_158409051Updated January 4, 2013: The American Taxpayer Relief Act of 2012 restores the original 3 percent phaseout of itemized deductions for income above $300,000 for married taxpayers filing jointly and $250,000 for single taxpayers. The Act also restores the 39.6 percent top rate for income above $450,000 for married taxpayers filing jointly and $400,000 for single taxpayers.

Most readers are aware that many provisions of the tax law “sunset” or expire at the end of 2012 if nothing happens before the end of the year.  One little-noticed provision could help both sides move beyond the current impasse. (more…)

Whither Windsor: What to Do About the Estate Tax Marital Deduction While the Court Considers DOMA

hands_147261872Updated: The Supreme Court heard oral argument in Windsor v U.S. on March 27, 2013, with negative implications for domestic partners, as discussed in the April 2013 issue of CEB’s Estate Planning & California Probate Reporter.

The U. S. Supreme Court’s grant of review in Windsor v U.S. puts the marital deduction in doubt for same-sex surviving spouses but it doesn’t change the advice: for now, practitioners should keep filing estate tax returns claiming the marital deduction until someone tells them to stop. (more…)

10-Steps for Developing and Implementing an Estate Plan, Part I

Every attorney has his or her own style and system for developing and implementing an estate plan, but that doesn’t mean there are no commonalities. In fact, there are certain considerations and practices that are common to the estate planning process for most attorneys. For those of you new to estate planning practice—and those who want to confirm they aren’t missing anything—here are the first five of the 10 steps of this common procedure for developing an estate plan and putting it into place (stay tuned next week for the next 5 steps!). (more…)

Estate Planning in the Age of Obama: Where Is Tax Law Headed?

The unexpectedly decisive re-election of President Obama, and the apparent stability of his electoral coalition, confronts estate planners with a new political reality. Here are my thoughts on where tax law is likely to go. (more…)

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