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Sacramento Estate Planning Attorney

Posts tagged "Estate Planning"

Potential 2013 tax increases would affect many in California

Sacramento residents may want to prepare themselves for a tax hike next year. According to Republicans, in 2013 we will see the largest tax increase in U.S. history. From a pure dollars and cents perspective this is true, but when measured as a percentage of gross domestic product and compared to other years, it quickly loses this label. The increases would represent roughly 2.6 percent of GDP.

Include digital assets in estate plans to avoid confusion

California residents are living more and more of their lives online. Many areas of law have evolved in response to the popularity of online activities. But laws governing what happens to a person's online assets--which can include blogs, email accounts and social media pages--in the event of that person's death are still developing. This lack of definite legal standards may cause problems for heirs.

Estate planners advise taking advantage of gift-tax exemption

Without federal legislative intervention before the New Year, the current generous gift tax exemption of $5.12 million could revert to $1 million. People in Sacramento seeking to pass along their financial assets might want to calculate the effect a vastly reduced exemption threshold could have on their estate plan. Many estate planning advisors are encouraging wealthy clients to take advantage of the current higher limits now in order to avoid unnecessary taxation.

ABA: Cheaper estate planning may lack proper requirements

During an economic downturn, people look for ways to save money. Sometimes the less expensive option turns out to cost more in the end. One technique of conserving cash that may lead to costly mistakes is pursuing the do-it-yourself approach instead of hiring professionals. This is especially true in legal areas, such as when people draft a will.

Facebook insiders use trusts to plan ahead for estate taxes

Californians recently witnessed one of the largest initial public offerings of stock in Silicon Valley history when California-based Facebook, Inc. went public. For some, like Facebook's co-founder Mark Zuckerberg and other insiders, the IPO will only add to their already considerable financial assets. These 20 and 30-year-old millionaires prove that estate planning is not only the concern of the elderly; indeed, minimizing estate taxes and maximizing asset protection are very much on their relatively young minds.

California pet owners can include pets in estate plans

Many California pet lovers may be concerned about what will happen to their beloved pet after they pass away. A good estate plan should ensure that four-legged friends and other companions are cared for. Fortunately, over the years the law has increasingly come to recognize that some people want to provide for pets in their wills and has created mechanisms for them to do so.

Highly detailed estate planning protects an artist's legacy

As previously noted on this blog, Michael Jackson's estate is one example of excellent estate administration that continues to manage the estate's assets and preserve the musician's legacy after his death. The Kinkade Family Trust has already proven essential in protecting the legacy of Thomas Kinkade and his estate's future earnings after the artist's sudden death on April 6 at his Northern California home.

People in California should be aware of effect of estate taxes

A well-worn maxim tells us that death and taxes are the only two things of which we can be certain. Under particular circumstances, we can also be certain that the occurrence of the former will trigger the latter. Everyone should be aware of the estate tax, but especially those whose estates stand to be diminished because they exceed a specified dollar threshold. Proper estate planning can help avoid unnecessary taxation.

California residents should update estate plans as need arises

In drafting an estate plan, people must give rational and careful thought to how they want their property distributed. Then they must account for the effect that applicable laws and rules will have on that plan. Fortunately, an estate plan can be closely tailored to comply with the laws and fulfill a person's intent.

Wallace's death shows importance of designating power of attorney

Mike Wallace entered the living rooms of many Sacramento, California, homes for nearly six decades until his retirement in 2006. The journalist will always be remembered for asking the tough questions at the right time. Most recently, however, the "60 Minutes" anchor passed away at the age of 93. News of Wallace's health in his final days is a strong reminder for individuals to establish durable power of attorney in a timely fashion.

My Sacramento law practice, Michael A. Sawamura, Attorney at Law, focuses on wills, trusts and estate planning law in addition to business law and corporate defense services. My clients include professionals, government employees, small businesses, blue-collar workers and national corporations.

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