Tax Planning Attorney in Orange County

Estate Planning Services for Southern California Families

At P. Arnsen Blakely we help Orange County, California clients with their tax planning. As we have been doing this since 1971, we have intimate knowledge of income tax and estate tax laws and how to minimize their impact on our clients. We keep current on tax code changes at the state and federal level so that we can keep clients informed on how that may affect their tax planning. For experienced tax guidance, we urge you to contact an Orange County estate planning lawyer at our firm today by filling out our free case evaluation from.

Estate Taxes

Estate taxes apply to your estate at death. They are colloquially referred to as the death tax, and are the subject of much debate. You of course will want to minimize this impact on your estate so that you can pass on as much of your wealth to your family as possible. There is an exemption amount which allows your estate to pass untaxed up to that limit. While the exemption formerly would fluctuate from year to year, the U.S. Congress has recently fixed it at $5.12 million, with a tax rate of 40 percent for any amounts not subject to the exemption. Unlike many states, California does not impose its own estate tax.

Strategies for Passing Wealth

The most advisable course of action for most people hoping to pass wealth on to their heirs is to adopt strategies to transfer as much as possible of your assets outside of your estate. This makes them immune from estate taxes. By starting now and doing it annually in relatively small amounts, you can avoid gift taxes as well. If you wish to retain the benefit of the assets during your lifetime, you may make the gifts to irrevocable trusts. The trustee is directed to provide for your needs until your death and then pass the remaining trust funds to your children, either in a single lump sum distribution or over a longer period of time according to a predetermined schedule.

Limited Family Partnership

Where you have a business, you may avoid estate taxes by establishing a limited family partnership. You retain control of the business as the general partner while giving limited partnership interests to your children. You may have to pay gift tax on the transferred interests but you can discount that value for tax purposes. This is because you are denying your children control or transferability of their interests. At death the interests revert to their full value and no estate tax is due because the interests have already passed.

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Orange County Estate Planning Attorney

Office Location:

P. Arnsen Blakely
Orange County Estate Planning Attorney
1111 Bayside Drive, Suite 228,
Corona del Mar, CA 92625
Local Phone: 949.220.2492
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714.908.4230

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