Many people neglect planning their estate, creating a will or trust and thinking about the inevitable. Much of this is due to the fact that people are not especially pleased to discuss their own death and the misconception that estate planning is only for the wealthy. However, everyone needs an…
Common assets that are overlooked in most estate plans are digital assets. Nearly everyone today has some kind of online account. Whether it is online access to bank accounts, emails, photo albums, social media or shopping, all digital assets should be considered when creating a comprehensive plan. Unfortunately, without the…
For family members, lawyers and accountants of heirs of decedents dying in 2010, there is some relief from the IRS regarding filing requirements. On March 31, 2011 the IRS issued a statement explaining that the new Form 8939 will not be due on April 18, 2011. Instead, the form will…
Probate is the legal process of transferring property after a loved one has passed away. It requires a petition to the Probate Court as well as various other forms and court hearings. Most Coachella Valley residents would rather avoid probate altogether because there are some serious drawbacks of having your…
An interesting piece by Lewis Saret in Forbes outlines the Treasury Department’s estate tax proposals for 2013. Coachella Valley residents should take note of these proposals since they are significantly different from our current laws expiring in 2012. Notably, the proposals include: -Bringing back 2009 levels for estate, gift and…
Palm Desert taxpayers will be affected by the new tax laws enacted after much debate and Congressional theatrics at the end of 2010. Many of the sunset provisions of 2010 have been temporarily extended while new laws for gifts and estate taxes have been imposed. An important note to highlight…