My beloved present and future clients: This is important Real Estate information affecting you. I promise you concise and your feedback is welcome! ~Len
You work your whole life long paying oppressive taxes on everything but the air; oops sorry! Calif. even taxes CO2 which is part of the air we breathe!
Currently, in 2017, Uncle Sam takes 40 cents per every dollar after death above $5.49 million for a single and $10.98 million for a couple on “estates”, which is YOUR assets and wealth.
This is done, believe it or not, On the GROSS; say you owe $400K on a $Million home and the Tax vultures see $1Million in real assets as a target, not your $600K in net equity, to chase for taxes. Taxes ARE more inevitable than death.
Of course, a properly funded TRUST protects your assets from the Grim Reaping death taxman; that’s why I recommend ALL my clients have one in place.
Inheritance taxes (ie levied through probate) are the most pernicious: taxed and taxed all life long only to be robbed minutes after your funeral. There is more!
Moonbeam and Uncle Sam don’t want you to keep anything beyond the grave, nor your family.
The $5.49/$10.98 million exemption is begrudgingly indexed and up each year, but ONLY if all your assets are in a trust vehicle, like a revocable trust, max funded insurance contract, etc. Point is, inheritance taxes are the evil triple/quad retaxing of life long wealth you slaved to build up for good.
I’m not a millionaire, you say! Do you have any retirement, a home, 401K, insurance policies? These bump up your exemption exposure quickly, especially since it is based on gross, not net valuation. In fact, probate fees for executor/administrator and attorney, could eat up what little is left for your heirs after the secured creditors get their pound of flesh.
Hate or like him, Trump is looking at eliminating this onerous devilish stealing of your life’s work. But the California Legi$layers, and Moonbeam Sacramento central, has good news: they hate Trump so much, a new rob Peter to pay Paul weapon is here in the Golden State:
AB726, the Slick Weiner Wipe Out Family Wealth San Francisco Democrat bill.
If Trump successfully ends estate taxes AFTER death, California will step in and kill you twice!
Last time when estate/inheritance taxes were repealed, the best time to die was 2010 (WITHOUT a trust in place to protect you). It might sound bizarre, but the rate of people dying went waaaay down end of 2009 and accelerated end of 2010, trying to beat the new year 2011 re-instatement of the grim reaper’s tax tool. Anecdotals of people kept on life support well past midnite of Dec 31, 2009 can’t be ignored: even and especially dying people hate their work sucked by the leviathan.
State Rep Weiner, the Democrat party and Sacramento will take what the Feds graciously leave behind on your bones. Sacramento taxes and taxes, but their problem is not too little taxes or $$, it’s too MUCH spending. We are a wholly owned subsidiary of the Democrat party of slavery, who wants to drain ALL our blood. Gotta have a $100 billion train to no one cares where, because Feinstein and Boxer’s hubbies can get billion$ contracts; we the peons pay the bill?
Contact your representatives in the District of Sacramento Corruption. Today. Voice opposition to grave-robbing your family’s hard working wealth creators’ legacy. Cut the Weiner AB726 Bill. The Sanctuary city of St Francis and blessed Sacramento don’t give a damn about us Californians. They want us bloodless carcasses to hoist on the scaffolding of a dying state.
Cut the Weiner off. Dump about 120 CaLegi$layer’s and their Moonbeam Train to nowhere boondoggle Demogod Brown while you are at it. Meanwhile, if you want government bureauRats to decide where your money goes, don’t do estate planning. The STATE knows best where to put your money
If you want your family to get the maximum, EVERY one needs to have a planned revocable living trust in place to protect their life’s work from the wolves. And those wolves get hungrier by the day.
If someone tells you, it’s not about the money, you smile and tell them: “It’s about the money”.
Sacramento wants sanctuary cities to protect the criminals from justice (in fact, give the criminal aliens the crimes Americans won’t do) but wants to sanctuary for the hard working Californian citizens who work their whole lives, hoping to enjoy retirement and leave what’s left over to those they love.
Hat tip to Steven Greenhut for outing the Weiner; no, not Ma Clinton’s assistant’s hubby, our California version. Weiner’s spite Trump effort will just further screw us WHILE they find ways to undermine Prop 13 with Prop 109/AB57 in the wings letting criminals out to populate our cities. Think this hyperbole? Tell that to Kate Steinle’s family or the Whittier cop killed by a guy with a huge current rap sheet that should have him in pink underway in Arizona Sheriff Joe’s jail.
Not to mention, two illegal alien ‘boys’ who raped a 14 year old high school girl on the East Coast. One of the scum err young men’s attorney said it was consensual. Just like screwing us of more and more family wealth, a 14 year old cannot legally consent to sex with an 18 year old, especially as the illegal twosome is gang raping her. As the dad of six girls, let me tell you it straight: EVERY kind of rape is wrong: by citizen or illegal alien perps or by government bureauRats robbing the home while the celebration of one’s great life, the funeral, is underway. We are not undertaxed: $560 billion is being collected in state/local property taxes this year alone. Why not keep your stuff in your family TODAY and after you get your mansion in heaven. While we are at it:
Protect our daughters’ lives AND our families’ hard earned wealth. Cut off Weiner’s CALLegislative appendage, ab726. NOW! Before EVERYONE leaves the state.
“Always ready to make house calls!” Ready to help you in selling your home or other real property; though i have an MBA and years of experience, this information is to help you make wise decisions about you and your family’s future. For tax or legal advice, contact a CPA or trust attorney. Happy to provide you some who do an excellent job in protecting families from the ravages of taxation.
Len 714 267 1413