Thompson Von Tungeln Legal Blog

Previously, if your adjusted gross income was $100,000 or more, you did not qualify to convert your tax-deferred savings to a Roth IRA. But beginning this year, in 2010, the income restriction has been eliminated, so everyone is now eligible to convert to a Roth IRA. You can roll over amounts fro...

One thing you can do to save estate taxes, whether you are married or single, is to start giving away some of your assets now to the people or organizations who will eventually receive them after you die. This is an excellent way to reduce estate taxes because you are reducing the size of your ta...

Although California has no estate tax, the federal estate tax bite can be substantial enough to justify careful planning for estate tax liabilities. The larger your estate, the more carefully you must plan and choose from many options, depending on your specific circumstances and objectives. For ...

Estate taxes must be paid when you die if the net value of your estate (assets less debts) is more than the amount exempt from taxes at that time. In 2001 President Bush signed a tax bill that increases the estate tax “exemption” from $675,000 in 2001 to $3.5 million in 2009. Congress went so fa...

Congress has left us with a mess when it comes to estate planning for 2010. Remember this chart? Well, 2010 is now here. Most estate planning professionals fully expected Congress to do something before 2010 arrived, even if it was only to extend the 2009 federal estate tax laws into 2010. But Co...

Not really. Using joint ownership usually just postpones probate. With most jointly owned assets, when one owner dies, full ownership does transfer to the surviving owner without probate. But if that owner dies without adding a new joint owner, or if both owners die at the same time, the asset mu...

Antelope Valley estate planning law firm Thompson Von Tungeln advises California residents to review the different power of attorney options available to them. The power of attorney options include the General Power of Attorney, the Durable Power of Attorney, the Non-Durable Power of Attorney, an...

Antelope Valley estate planning law firm Thompson Von Tungeln advises California residents to closely monitor the many estate tax proposals before the Congress. The changes may add some clarity to the current confusion, but they may also significantly affect current estate plans. Lancaster, Calif...

The grantor (also called settlor, trustor, creator or trustmaker) is the person whose trust it is. Married couples who set up one trust together are co-grantors of their trust. Only the grantor(s) can make changes to his or her trust. The trustee manages the assets that are in the trust. Many peo...

If you have a sizeable estate, you may want to consider giving some of your assets now to the people or organizations who will receive them after you die. Why? First, it can be very satisfying to see the results of your gifts – something you can't do if you hold onto everything until you die. Sec...

With a trust, the insurance proceeds will not be included in your estate, so you avoid estate taxes. You can keep the proceeds in the trust for years, making periodic distributions to your children and grandchildren. And any proceeds that remain in the trust are protected from irresponsible spend...

If you have a child, sibling, parent, spouse, or other loved one who is physically, mentally or developmentally disabled — whether from birth, illness, injury or drug abuse — he or she may be entitled to valuable government benefits (SSI and/or Medicaid) now or in the future. Unfortunately, most ...

Your home is probably the most valuable asset you own. Yet most people don't think about how to hold title until the title company poses the question when you buy or refinance. But this deserves careful consideration, because how you hold title to real estate has far-reaching effects. Let's look ...

Long term care is the kind of care you need if you are not able to perform normal daily activities (such as eating, dressing, bathing, and toileting) without help, and it is expected that you will need this help for an extended period of time, often for the rest of your life. This kind of care is...

You probably own some items of real or sentimental value (jewlery, antiques, art, heirlooms, furniture, clothing, etc.) that you want a certain child, grandchild, special friend, relative, or organization to have after you die. Or maybe you just want to provide for some orderly way for your belon...

A qualified personal residence trust lets you continue to live in your home but transfer it to your children now so you will save estate taxes when you die. When you set up a qualified personal residence trust, you transfer your home or vacation home to an irrevocable trust. For a specified perio...

Antelope Valley estate planning law firm Thompson Von Tungeln is offering a November 12 seminar on the upcoming changes to Medi-Cal and how those changes will affect your long-term care planning. Lancaster, CA (PRWEB) November 6, 2009 — Antelope Valley estate planning law firm Thompson Von Tungel...

GRATs and GRUTs have much in common with the qualified personal residence trust. The main difference is that a GRAT or GRUT lets you transfer any asset (not just your home) out of your taxable estate. And, with a GRAT or GRUT, you receive an income, instead of continuing to live in your home, for...

You've worked hard building your business, but have you thought about what will happen when you are no longer there running the show? According to one study (Small Business Review, Summer 2001), only 30% of all family-owned businesses survive to the next generation; only 12% make it to the third ...

Instead of giving all that tax money to Uncle Sam after you die and letting Congress decide how to spend it, you can set up your own charitable foundation, donate your assets to it and keep some control over how the money is spent! (The IRS does have a few restrictions on how the money is used.) ...

You'll Never Guess What I'm Giving You! Here's the perfect gift for the new adult in your family…. What are you planning to give your teenager when he or she legally becomes an adult? A car? A deposit for an apartment? A trip to Europe? Those are all fine gifts, depending on how much you ca...

George Carlin would have been a great pitchman for estate planning. You may remember his stand-up routine on “stuff.” We all have stuff, and we're pretty particular about our stuff. We move it around with us, it's hard for some of us to get rid of it, and some of us don't like our stuff mixed up ...

New IRA Distribution Rules Are A-Okay. Can you believe it? People are actually thanking the IRS! In case you haven't noticed, calculating the amount you must withdraw each year from your IRA (your required minimum distribution) is much easier now that it used to be. Now, you just take the year-en...

Antelope Valley estate planning attorney Kevin Von Tungeln is offering an Estate Planning With A Biblical Perspective class beginning Sunday, September 20, at Central Christian Church, 3131 West Avenue J in Lancaster. “There are many ways to look at the distribution of your assets after death,” s...

Antelope Valley estate planning attorney Kevin Von Tungeln has been elected to the board of directors of the Antelope Valley Hospital Foundation, which serves Lancaster, Palmdale and the surrounding communities. “I am honored to be asked to join the Antelope Valley Hospital Foundation board of di...