Law Office of Barbara J. Dibble

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March 2014 Archives

New tax laws alter estate planning strategy

California estate planners and those who benefit from trusts and investment income have observed with interest as higher income taxes and the national 3.8% increase in investment income taxes take effect. This has substantially raised the tax bill for nearly all trusts, causing estate planners to look for creative ways to minimize the tax burden.

California estate planning

Although considering the end of life is not uplifting for residents in California, creating a will and final testament is the best way to prevent headaches and complications for a person's heirs after their death. If such a document is not made, the state will carry out an estate plan for the deceased, irrespective of the needs of their heirs or personal wishes. Drafting a will with a professional usually runs between $500 and $2,000 but can be done for much less if an online service is used and the needs are straightforward.