Blog Author: Tereina Stidd, J.D., LL.M. (Tax), Associate Director of Education, American Academy of Estate Planning Attorneys, Inc. Assets owned by an individual provide the landscape for an Estate Plan. A qualified estate planning attorney might recommend certain techniques because of the type of assets a client owns. In addition, the attorney may recommend the use of various entities, like a trust, to hold title to those assets. This is the second part of a two-part series exploring the … [Read more...] about How Do I Title Thee…Part II
California’s Proposition 58 (VIDEO)
In this Vlog, Attorney Justin M. Kennedy discusses California's Proposition 58. Proposition 58 is a California constitutional amendment approved by the voters which excludes from reassessment transfers of real property between parents and children that has been effective since November 6, 1986. Proposition 58 is codified by section 63.1 of the Revenue and Taxation Code. Litherland, Kennedy & Associates, APC, Attorneys at Law are members of the American Academy of Estate Planning … [Read more...] about California’s Proposition 58 (VIDEO)
Gift Now or Let Them Inherit?
by Justin M. Kennedy, Attorney at Law Litherland, Kennedy & Associates, APC, Attorneys at Law Recently I met with a client, Tammy, who wanted to immediately gift her home to her son, Eugene. Even though Tammy already had a comprehensive estate plan with our office that included a Living Trust, Tammy had talked with her friends who suggested gifting the home now was in her best interests. When I asked more questions, Tammy shared that one of her friends, Mike, had died without a Living Trust … [Read more...] about Gift Now or Let Them Inherit?
Treasury Releases New Inflation Adjustment
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. Estate planning attorneys and others in the wealth management community have known since mid-December that the amount clients can pass without taxation is now, temporarily, doubled. The new tax law doubled the exclusion until the end of 2025. On January 1, 2026, the exclusion reverts to $5 million (adjusted for inflation from 2011). Each year we get inflation … [Read more...] about Treasury Releases New Inflation Adjustment
Income Tax Basis in Estate Planning – Part 2
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. When considering different estate planning strategies and which direction to take, it’s important to consider the impact on basis. “Basis” is the benchmark used for income taxation. What does income tax basis have to do with estate planning? Property included in your taxable estate at your death gets a “step-up” in basis to its value at your death. (Certain … [Read more...] about Income Tax Basis in Estate Planning – Part 2
Basis is Important in Estate Planning
Blog Author: Stephen C. Hartnett, J.D., LL.M. (Tax), Director of Education, American Academy of Estate Planning Attorneys, Inc. When considering different estate planning strategies and which direction to take, it’s important to consider the impact on basis. “Basis” is the benchmark used for income taxation. What does income tax basis have to do with estate planning? Lots! Property included in your taxable estate at your death gets a “step-up” in basis to its value at your death. (Certain … [Read more...] about Basis is Important in Estate Planning
Am I going to owe taxes if I inherit property?
By: Matthew M. Shafae, Attorney Litherland Law Firm Am I going to owe taxes if I inherit property? We get this question all the time. And we don’t blame you. It can get confusing. So, let’s see if we can clear up this issue. Let’s segregate the different taxes that might be owed, and then we can see if anything will be owed. Estate Tax The estate tax—or death tax, as it’s sometimes called—is a transfer tax on assets transferred from someone who died to someone who is living. The tax … [Read more...] about Am I going to owe taxes if I inherit property?
Exclusion of Gains from Sale of Personal Residence
By: Justin M. Kennedy, Attorney Litherland, Kennedy & Associates, APC, Attorneys at Law I spoke with a client, William, the other day who shared that he purchased his home many years ago for fifty thousand dollars ($50,000). That same home is now worth an estimated one and a half million dollars ($1,500,000). If the home was sold today, the capital gains taxes would be calculated on the difference between the sale price ($1,500,000) and the basis in the property ($50,000), for a taxable gain … [Read more...] about Exclusion of Gains from Sale of Personal Residence
