The IRS made history by announcing the HIGHEST EVER applicable Estate and Gift Tax Exclusions for US Citizens for tax year 2024 – they are increased to $13,610,000.00 per person, or $27,220,000.00 for a married couple.
Despite popular belief, Estate Planning is not a one-and-done project. To be truly effective, your estate planning documents should reflect your changing circumstances which needs your attention on an ongoing basis.
On February 28, 2023, the Federal Housing Finance Agency announced that the annual change in the House Price Index for California for 2022 was $2.26%. As a result, the $1 million amount "reassessment exclusion" from property taxes under Proposition 19, is now adjusted to $1,022,600. This amount will be adjusted again on February 15, 2025.
Homeowners can now designate a third party - a family member or trusted friend, to receive a copy of past due notices for unpaid property taxes, so as to prevent such homeowners from losing their home to an unintended foreclosure for non-payment of property taxes,
2023 Estate Tax Exemptions, Annual Gift Tax Exclusions, and Portability
Every life transition changes the person that we are. Graduating from High School or College, getting Married, starting a Business, or a Family – those are big life events that define new legal paradigms, and entail more responsibilities towards those who are close to us and/or depend on us. Gett...
Admittedly, this time of year (i.e., March-April), no one wants to think about anything other than Tax Season. The 1099s are in, the expenses are accounted for, and the checks to IRS/FTB hare sent out. So now what? What lessons can we learn and how can we be better protected for next year? One su...
The IRS issued Revenue Procedure 2018-57 announcing the official estate and gift tax exclusion amounts for 2019. The 2019 applicable federal estate tax exclusion is increased to $11.4 million. The top federal estate, gift and GST tax rate remains unchanged at 40%. This exclusion is...
When planning for the future, many people forget an essential step in the process. When one dies, many factors come into play immediately. Take care to make good decisions in estate planning so heirs are not left stressed and in trouble. These decisions can have long-lasting effects and should in...
Effective on January 1, 2018, the federal Tax Cuts and Jobs Act substantially changed estate tax laws. Among other things, the Act increased the estate tax exemptions to $11.2 million per individual ($22.4 million for a family), which may significantly impact existing estate plans. This means tha...
Estate Tax Exemptions and Estate Tax. Despite much discussion, the Estate Tax is not repealed. However, the Act increased the Exclusion amount for Estate Tax, Gift Tax and Generation-Skipping Tax from $5,490,000 per person in 2017, to $11,200,000 per individual (or, $22,400,000 for a marr...
The Law Offices of Maria N. Jonsson, PC is committed to answering your questions about Estate Planning, Probate and Trust Administration issues in Marina Del Rey & Venice, CA. We'll gladly discuss your case with you at your convenience. Contact us today to schedule an appointment.