Basis - Noun The underlying support or foundation for an idea, argument, or process. Basis has its roots or foundation in our fundamental family assets of how they are taxed by the Federal Government. For Example, if John gifts his secondary home to his daughter Julia, the home will be given to Julia but at the same basis that John originally purchased the home. John bought … [Read more...] about Understanding Basis and Why it is important to you and your Family?
WHAT IT IS AND WHAT IT WILL BE – IRS / CLINTON – TRUMP PROPOSALS The IRS has released Rev. Proc. 2016-55 announcing the exemptions and various tax adjustments for 2017. The annual gift exclusion remains at $14,000. The unified gift/estate exemption is adjusted to $5,490,000. Annual exemption for gifts to a noncitizen spouse is $149,000 The tax on … [Read more...] about WHAT IT IS AND WHAT IT WILL BE – IRS / CLINTON – TRUMP PROPOSALS SANTA ROSA CA
Northern California Tax Issues and Estates Do I still have to pay taxes if I Die? In California if the dead guys estate is larger than $5.45 Million then any non-spouse will pay 40% tax on the overage amount. For Example, if John Doe dies with 10 Million in his estate the tax that his son Jim Doe, the only heir to his estate will be calculated as follows: Estate worth: … [Read more...] about Death and Taxes in Northern California
Purple Rain of Fees, Taxes and Unintended Beneficiaries When Prince died last week he did so without a will or Trust in place. Prince’s Taxable Estate is estimated to be worth 250 Million Dollars. Because Prince died intestate (without a will or trust) all property that was owned by him will have to pass through Probate, a court process that determines who will get what by … [Read more...] about Purple Rain of Fees, Taxes and Unintended Beneficiaries