Wealth Transfer Taxation Lawyer Sacramento, CA
If you are looking for a skilled wealth transfer lawyer who will be able to assist you with wealth management services and solutions, look no further than Yee Law Group. We have over 40 years of combined experience assisting clients with their unique financial needs and would be happy to meet with you and discuss how we can help.
Our Sacramento, CA wealth transfer lawyers can help with your investment management, financial planning, retirement planning, tax planning, and other specialized services. We will map out a wealth strategy customized just for you that aligns with your lifestyle and future plan decisions.
Our goal is to preserve and grow the wealth you currently have without taking the risks that could jeopardize those funds. At Yee Law Group, each wealth transfer lawyer relies heavily on research and data in our legal approach and not on stock-picking.
It is not uncommon for clients to come to us after a change or life event. We can help if you are have just gone through a marriage, divorce, or birth of a child. We have many clients who go through a job transition and seek out wealth management advice. Or maybe you have just received an inheritance, sold a business, or liquidated stocks. Whatever your situation, Yee Law Group can help you with financial solutions to secure your future.
Services We Offer
Our company can assist you with a variety of your financial planning needs. Many of our clients come to us to help with their estate planning options. Your wealth transfer lawyer in Sacramento, CA can assist you with options that could help your estate avoid the probate process, including the establishment of trusts and administration, and asset titling.
If you have elderly parents, we can also assist in intergenerational planning, which can involve strategies for wealth transfers and qualifications for Medicaid. Intergenerational planning can also help protect assets if you have a disabled spouse.
For clients with younger children, college tuition may be looming further down the horizon, but it is never too early to begin saving for those costs. Your wealth transfer lawyer can help you with 529 plans, as well as other future family financial planning needs.
Other wealth management advice our Sacramento, CA firm can help you with include:
- Equity compensation and stock options;
- Investment management and allocations of assets;
- Life insurance policies;
- Major purchase goals, such as financing options for home purchase or other assets;
- Maximization and timing for Social Security;
- Retirement income and savings projection planning;
- Strategies for income tax planning;
- Strategies for long-term care;
- Strategies for withdrawal in retirement; and
- Unforeseen life events.
Tips for Planning Your Wealth Transfer at the End of the Year
When it comes to wealth transfer taxation, a little planning can go a long way. The following information covers some tips to help you and your loved ones reduce your wealth transfer taxation liability. If you have any questions about this information or have additional questions of your own, call to speak with a lawyer at the Yee Law Group today.
Make Additional Transfers Tax-Free
Each year, you can take advantage of an inflation-adjusted amount that you may transfer tax-free.
As an example, if you were to use your full gift tax exclusion amount one year, the next year you should be able to transfer additional money without facing the tax because of the inflation rate. In 2017, the inflation-adjusted exemption amount is $5.49 million — just something to keep in mind this year as you do your financial planning.
A wealth transfer taxation professional may give you more information about this and answer any questions you may have.
Take Advantage of Your Exclusion Gifts
Keep in mind that you can give as much as $14,000 ($28,000 for married couples) per person each year without taxation. This is a good way to transfer some wealth, tax-free, to your loved ones as part of their inheritance. Just take the time to talk to them so they understand what they are receiving and why.
If you want to gift property that is not cash, these tips may be helpful with wealth transfer taxation:
- Gifting property that has a potential for future appreciation may be a good way to reduce potential estate tax.
- Gifting property that hasn’t appreciated much since you acquired it may reduce the beneficiary’s income tax liability.
- Avoid gifting property that has declined in fair market value since you acquired it to potentially minimize your own income tax liability.
- Gifting property earlier on the year may increase the appreciation of the property, which increases the future value.
- Take advantage of grantor retained annuity trusts (GRATs) when interest rates are low.
Because tax regulations and laws can change without much notice, it is important to stay up-to-date with current regulations and amounts that are applicable to you. This would give you the ability to take advantage of all opportunities to reduce your wealth transfer taxation.
If you have any questions about wealth transfer taxation, we encourage you to contact us at the Yee Law Group.
Do You Need a Lawyer to Set Up a Trust?
Establishing a trust can ensure your assets go to the right beneficiaries after your death and provide financial for your loved ones. However, you might be wondering if it is worth it to hire a Sacramento, CA wealth transfer lawyer or create the trust on your own. While you will pay less money upfront with a DIY trust, it can cost you big time in the long run. Here are some of the benefits of hiring an wealth transfer lawyer from Yee Law Group to set up a trust:
It’s More Complicated Than You Think
Unless you have a background in estate law, setting up a trust can be incredibly complex. The language in a trust document can be difficult for the average person. If you make even one error, it can negatively affect your family in the future. A wealth transfer lawyer for Sacramento, CA stays up to date with the constantly changing estate planning laws and can help you create a valid trust that carries out your wishes.
You Will Save Time
Drafting a trust can take a lot of time, especially if you don’t have any knowledge about them. This will take time away from your job and family. Instead of focusing on your other responsibilities, you may spend so much of your time working on your trust. If you hire a skilled wealth transfer lawyer in Sacramento, CA, he or she will do all the leg work for you, saving you time and stress.
You Will Save Money in the Long Run
It’s true that hiring an experienced wealth transfer lawyer is an initial investment. However, he or she can help you save more money in the long run. A skilled lawyer will know how you can save money on court costs and taxes, lessening the burden on your family members.
You Will Need to Make Update Throughout Your Life
Certain changes in your life can warrant updates in your trust documents. For example, if you have another child or have a falling out with a family member, you may need to update your trust. An Sacramento, CA wealth transfer lawyer can help you make these necessary changes in a timely manner.
Five Essential Questions to Ask a Wealth Transfer Lawyer
Since wealth can be transferred at any time and in any way, you need to ensure you are doing so with the utmost care and protection in mind. Transferring wealth can be particularly complex if you don’t have the right guidance. Here are five essential questions to ask a wealth transfer lawyer before executing your plan of action.
How Do I Know if I Need to Transfer Wealth?
Every family has its own situation and goals. And every situation is different, which means that you have to consider your personal needs when you think about wealth transfer. Here are a few questions you should ask yourself before getting started: How much do I expect my net worth will grow? How much debt will I have when I’m ready to make these gifts? What percentage of my assets can I safely remove from my taxable estate? How much do my heirs need from me now, versus later in life?
What Are the Legal Ways to Transfer Wealth?
In order to ensure that your heirs receive their inheritance as you wish, it’s important to do a bit of research into tax laws and estate planning ahead of time. A wealth transfer law specialist can help walk you through steps for establishing an estate plan and avoiding taxes. They will also be able to provide guidance on how best to protect the inheritances of your beneficiaries if they are minors or dependents.
What Are Some of the Tax Implications?
A wealth transfer lawyer can help you navigate these tax implications and minimize your taxes as much as possible. A lawyer can also help you with several other aspects of transferring wealth, such as deciding what assets to give away, who will receive them, and setting up trusts or LLCs. For example, if you’re concerned about one of your children mismanaging their inheritance, or have a son or daughter with substance abuse problems, creating an LLC might be a good idea. Using that vehicle will allow you to set conditions on when they have access to their assets — essentially enabling you to create some strings attached.
What Does This Cost Me in Terms of Money and Time?
Most lawyers charge by the hour for their services. Depending on your situation, estate planning could take several hours of your time or several weeks of meetings with your lawyer. Make sure you know what you’re getting into before you sign on with any firm or individual attorney. You’ll need to have honest conversations about what can be accomplished in terms of time and cost versus what needs done and how much it will cost you.
What Else Should I Be Asking My Lawyer About?
You should make sure that you ask your lawyer questions regarding estate tax law, such as how to reduce or eliminate taxes on your estate and what assets are most likely to incur tax liabilities. Estate planners often focus on helping clients avoid taxes. Learn about their other responsibilities so you can feel confident with your choice of legal counsel. Additionally, it’s good to be prepared for future conversations with your attorney by gathering information that can help in terms of specific planning needs; try researching previous cases they’ve won and lost related to similar circumstances. The more information you gather before meeting with an attorney, especially one specializing in wealth transfer law, will only benefit you when you meet with them face-to-face.
Scheduling a Consultation With Our Wealth Transfer Lawyer
There are many wealth transfer lawyers in California, and you want to make sure that you choose the right one to help you draft your trust. That’s why it is important to ask the right questions during your initial consultation with a skilled wealth transfer lawyer in Sacramento, CA. Here are several questions you should consider asking:
- How many years of experience do you have as an wealth transfer lawyer?
- What are your fees?
- How long will it take you to complete the trust?
- Do you offer a formal updating program?
- Do you ever speak at estate planning seminars or write articles about estate plans?
If you are ready to sit down and plan your financial future or have had a change in circumstance which may indicate a change in your current wealth management options, contact the team at Yee Law Group. If you want to work with a seasoned wealth transfer lawyer, set up an appointment for a free consultation with us to discuss your financial goals and needs and how we can help you meet them. Call Yee Law Group today and schedule a consultation with a reputable wealth transfer lawyer serving Sacramento, CA today to get your trust moving in the right direction!
“I recently visited the main office of Yee Law Group in Land Park, Sacramento. The lawyers and their support staff were all so friendly and inviting. The office space is recently remodeled with a clean, bright, modern look. Michael was timely for our meeting and made me feel welcome, valued and safe. I would definitely recommend this office for your estate planning and probate matters. It is so priceless to have a strong, kind legal team with you to navigate trust and estate documents. A+ to Michael and his team!”