California Estate Taxes
A Riverside Estate Planning Lawyer You Can Trust
In administering an estate, there is generally a tax return that needs
to be filed, and therefore there are generally taxes that must be paid.
In past years, California estate tax could be costly, however recent legislation
has been passed that eliminates California estate tax for the year 2013.
This means that if your loved one passes in the year 2013 that there will
be no state estate tax for their assets. It is important to understand
how federal estate tax exemptions will work.
Effective January 1, 2013, an individual may give away up to $5.25 million
without being subject to estate tax of any kind. If your estate is worth
more than this exemption amount, then you will only owe taxes on the excess
amount. Another element to be aware of is that spouses can combine the
exemption amount in order to achieve an exemption amount of $10.5 million.
In order to accomplish this, you will need to file your federal tax return
when the first spouse passes, and this can be a difficult process to have
experts prepare these complicated returns.
Helping You Achieve the Results You Desire
If you are nearing the end of your life and you wish to prepare your estate
in the most effective way possible for your beneficiaries, then you need
the assistance of a
Riverside estate planning attorney from our firm. At Sandoval Legacy Group, a Division of Holstrom, Block
& Parke APLC, we have been serving the residents of Riverside, California
in various
probate and
estate planning matters for a number of years, and we genuinely care about our clients.
Let us help you achieve your goals.
Contact us today to schedule your
free initial consultation with our firm, and to begin the process of retaining the assistance that
you need in order to accomplish your goals for your estate.