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)
Tax efficiency strategies are a must for high net worth individuals who are engaged in the process of estate planning in California. Fortunately, we don't have a state level estate tax here, though there are a number of states that do have their own estate tax. This is a break, but the federal estate tax can do more than enough damage on its own. You can pass along a certain amount of money to people on your inheritance list before the estate tax becomes a factor. This is why it is only … [Read more...] about California Estate Planning: What Is the Marital Deduction?