NEWPORT BEACH, CA, September 26, 2012 (Press-News.org) You've worked hard to save money, accumulate assets and leave your loved ones an inheritance after your passing. But according to Darlynn Morgan, an estate planning attorney in Newport Beach, the expiration of key tax laws in Congress may now put more local families at risk of owing more than half of their inheritance in "death taxes" after the first of the year.
The expiration of key laws in Congress may expose more local individuals to estate or "Death Taxes" after their passing. Newport Beach attorney, Darlynn Morgan explains these anticipated changes, as well as steps Newport Beach residents can take now to take now to ensure more money goes to their family—and not Uncle Sam—after death.
Darlynn Morgan explains how preparing now for the much-anticipated expiration of the Bush-Era tax cuts (which were extended temporarily under the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act in 2010) is critical for high-net worth individuals, but also for middle-class families, too. Here's why:
• If Congress does nothing and the legislation expires, the estate tax will revert from a $5 million exemption to $1 million on December 31st. That means if your estate is worth over $1 million at your passing, your family may be on the hook for significant taxes up to 55%.
• For many people, when you add up the value of your home, life insurance policies, investments and assets, $1 million is usually closer than you think.
• The payment is due in cash just 9 months after you die (or the 2nd spouse dies if you are married), often forcing loved ones to sell assets quickly at depressed market or "fire sale" prices to satisfy the bill.
• There's a very real chance that up to half of the inheritance you worked so hard to leave your family will go to Uncle Sam.
The good news, Darlynn Morgan says, is the estate or "death tax" is entirely voluntary and there are steps you can take right now to minimize your exposure.
She explains that one such strategy is to utilize the lifetime gift tax exemption, which also set to expire at the end of the year. This law allows you to remove up to $5.12 million (or $10.2 million for married couples) out of your "taxable estate" by gifting it now to future generations. On December 31st at midnight, the exemption amount significantly drops to $1 million. In other words, for the rest of this year, Morgan says that parents can pass along valuable assets to their heirs up $5.12 million (i.e. a house, stock portfolio, part of the family business), without paying a single dime to Uncle Sam.
Darlynn Morgan further notes tools such as living trusts can also be used to minimize your exposure to burdensome taxes after your passing. Your estate planning attorney will advise you on the best strategies to implement based on your wishes and financial needs.
Why Does This Matter Now?
Because proper estate tax planning requires getting appraisals, amending titles and creating airtight documents, Darlynn Morgan warns that planning must be started now to ensure everything is finalized before the end of the year. She says estate planning firms across the country are already busy handling year-end estate tax planning, and encourages individuals affected by these changes not to wait until the last minute to get professional help.
For more information on upcoming changes to the estate tax laws or on Newport Beach attorney, Darlynn Morgan, please visit http://www.morganlawgroup.com or call (949) 260-1400.
ABOUT DARLYNN MORGAN - California Probate Attorney
OC Trusts Lawyer Darlynn Morgan and Morgan Law Group is a Southern California Probate Attorney / Estate Planning Lawyer / Wills & Living Trusts Law Firm Serving: Los Angeles, Orange County, Riverside, San Bernardino, San Diego & all of Southern California
Probate law firm Morgan Law Group, serves all cities in Orange County, including: Aliso Viejo, Anaheim, Balboa Island, Brea, Buena Park, Capistrano Beach, Corona Del Mar, Costa Mesa, Coto de Caza, Cypress, Dana Point, as well as estate planning in Foothill Ranch, Fountain Valley, Fullerton, Garden Grove, Huntington Beach, Irvine, La Habra, Laguna Beach, Laguna Hills, Laguna Niguel, Laguna Woods, Lake Forest, and estate planning and probate in Los Alamitos, Mission Viejo, Newport Beach, and estate planning and probate law firm information in Orange, OC, Placentia, Rancho San Margarita, Rossmoor, San Clemente, Santa Ana, Seal Beach, Sunset Beach, Tustin, Villa Park, Westminster, and Yorba Linda.
Orange County California probate law firm Morgan Law Group, serves all counties in southern California. For more information about Estate Planning Lawyer Darlynn Morgan, call: 949.260.1400 or visit http://www.MorganLawGroup.com
Darlynn Morgan, and Morgan Law Group, is a California Will and Trust attorney, speaker and Personal Family Lawyer. Darlynn makes it easy for your family to talk about and plan for tough subjects like money, death and taxes. Visit http://www.MorganLawGroup.com for more resources on how to make sure your family wouldn't have a mess on their hands if the "unthinkable" happens to you. And of course, our door is always open if you have further questions. Contact us at 949.260.1400.
Newport Beach Attorney Says Prepare Now For Year-End Changes to Estate Tax Laws
But according to Darlynn Morgan, an estate planning attorney in Newport Beach, the expiration of key tax laws in Congress may now put more local families at risk of owing more than half of their inheritance in "death taxes".
2012-09-26
ELSE PRESS RELEASES FROM THIS DATE:
The Johnny M Foundation Holds Second Annual Fundraising Gala
2012-09-26
The Johnny M Foundation (www.johnnymfoundation.org), an organization dedicated to improving the lives of children whose families face adverse circumstances, is sponsoring its annual gala fundraising event to benefit "Johnny's House."
The gala is Friday, Oct. 12, 2012, from 7:30 p.m. to 1 a.m., at the Westin Hotel, 555 Fellowship Rd., Mt. Laurel, NJ. The gala is named after Johnny Murabito, Jr. who died unexpectedly while on vacation in Orlando, FL, in November 2005. He was three years old. This year's gala will feature silent auctions, live auctions, gift ...
Wild Birds Unlimited Helps Prepare Birds for Winter: How to Attract Winter Birds
2012-09-26
Most people are unaware that not all birds fly south for the winter. In fact, some of the most colorful and lyrical song birds, including jays, woodpeckers and chickadees, stay in the same area throughout the entire year. Wild birds use a variety of techniques to stay warm during the cold winter months; however, while they are equipped to withstand most winter weather, survival can be made easier by providing food, a heated, open source of water and protection from freezing temperatures with natural plant cover or a roosting box. These are only some steps to take in order ...
Pennsylvania "Just Drive" Initiative Seeks to End Distracted Driving
2012-09-26
Distracted driving caused more more than 14,200 Pennsylvania car accidents in 2011, according to Pennsylvania Department of Transportation estimates. Tragically, the lives of 58 people were lost in these devastating accidents. PennDOT is now taking steps to stop distracted driving in the state with its "Just Drive PA" initiative.
The campaign hopes to encourage Pennsylvania drivers to concentrate only on driving when they are on the road and to refrain from other tasks like texting or eating. The PennDOT secretary indicated that the new "Just Drive" ...
Inspections in California Find Nursing Homes Guilty of Resident Neglect
2012-09-26
The California Department of Justice conducted a series of surprise inspections of nursing homes across the state. The investigations spanned over a two year period, beginning in January of 2010 and ending in March of 2012. Inspectors reported findings of "unacceptable nursing care" ranging from accusations of home staff providing residents with the wrong medication to other instances of staff completely neglecting the residents.
Neglect of nursing home residents not only causes heartache for those who expect the nursing home staff to provide care for their ...
Obama's Deferred Action Program and How It Impacts Deportation
2012-09-26
In recent years, the U.S. Department of Homeland Security (DHS) has shifted gears. As stated on the USCIS (U.S. Citizenship and Immigration Services) website, the new direction of the agency focuses on "public safety, border security and the integrity of the immigration system" by aiming resources toward removal of "individuals who pose a danger to national security or a risk to public safety."
Instead of a broadly sweeping deportation program, the agency is attempting to focus on those individuals that are most likely to pose a threat to citizens. ...
Taxes May Have Increased for Some Even Without Affordable Care Act
2012-09-26
During the heated controversy that gripped the nation in the summer of 2012 as the U.S. Supreme Court deliberated over President Barack Obama's Affordable Care Act, emotions ran high on both sides of the complex issue. Supporters of the new health care law praised the legislation as an important step toward making health care available to those who need it most, while opponents questioned the constitutionality of the law and criticized it for putting financial strain on businesses and taxpayers in an already difficult economic climate. In a decision nearly as controversial ...
BKD to Present at Missouri Independent Bankers Association Conference
2012-09-26
BKD Forensics & Valuation Services, a division of BKD, LLP, is pleased to announce that Angela Morelock will be presenting at the 2012 Missouri Independent Bankers Association Security Conference. Her presentation, "Internal Bank Fraud & Embezzlement: Schemes & Scams in an Economic Downturn" will focus on symptoms bank management should watch for & how banks can better protect themselves.
Morelock leads BKD's forensic accounting and investigations team, providing fraud investigation and prevention, complex litigation support and forensic accounting ...
Steve Giovinco Included in Fine Art Photography Museum Exhibition "The Kids Are All Right," Opening 9/30/12
2012-09-26
Contemporary family life and couples are the subject of Steve Giovinco's fine art photographs, which are included in a museum exhibition called, "The Kids Are All Right."
The show opens September 30, 2012 at the John Michael Kohler Arts Center, Sheboygan, Wisconsin.
The exhibition focuses on the shifting nature of family and changing role of contemporary photography, and includes major contemporary fine art photographers and video artists such as Catherine Opie, Steve Giovinco, Patty Chang, David Hilliard, Ryan McGinley, Tierney Gearon, and others.
Steve ...
Tutors International Warn of Discrepancy Between Official Worth of IGCSE Results and Perceived Worth
2012-09-26
It has recently been reported that pupils in many UK state schools are electing to sit the IGCSE instead of regular GCSEs [1]. Since the formation of the IGCSEs it has been widely understood that the courses have remained challenging, unlike the GCSEs.
Educators and parents have long held the view that that the IGCSE is 'worth' more than a standard GCSE, due to the difficulty of the exam. In fact, until July 2011, the issuing body, the Cambridge International Exam (CIE) Board, reported in official literature on its website that grades obtained in the IGCSE should be ...
Annual Artlightenment Artist Showcase 2012 to Feature Artist Marlene Rose
2012-09-26
Marlene Rose is an award-winning glass sculptor, internationally known in museums as well as top art and glass galleries. Her works are collected by the glass cognoscenti, by fine-art collectors and Hollywood A-list celebrities. This year her work will be featured in the annual Artlightenment artist showcase in Nashville, TN at the Church of Scientology & Celebrity Centre.
Because creating glass is physically demanding—and dangerous—Rose is one of few women who choose this medium. Adding to the difficulty, she searches junkyards for objects that can be transformed ...
LAST 30 PRESS RELEASES:
New perspective highlights urgent need for US physician strike regulations
An eye-opening year of extreme weather and climate
Scientists engineer substrates hostile to bacteria but friendly to cells
New tablet shows promise for the control and elimination of intestinal worms
Project to redesign clinical trials for neurologic conditions for underserved populations funded with $2.9M grant to UTHealth Houston
Depression – discovering faster which treatment will work best for which individual
Breakthrough study reveals unexpected cause of winter ozone pollution
nTIDE January 2025 Jobs Report: Encouraging signs in disability employment: A slow but positive trajectory
Generative AI: Uncovering its environmental and social costs
Lower access to air conditioning may increase need for emergency care for wildfire smoke exposure
Dangerous bacterial biofilms have a natural enemy
Food study launched examining bone health of women 60 years and older
CDC awards $1.25M to engineers retooling mine production and safety
Using AI to uncover hospital patients’ long COVID care needs
$1.9M NIH grant will allow researchers to explore how copper kills bacteria
New fossil discovery sheds light on the early evolution of animal nervous systems
A battle of rafts: How molecular dynamics in CAR T cells explain their cancer-killing behavior
Study shows how plant roots access deeper soils in search of water
Study reveals cost differences between Medicare Advantage and traditional Medicare patients in cancer drugs
‘What is that?’ UCalgary scientists explain white patch that appears near northern lights
How many children use Tik Tok against the rules? Most, study finds
Scientists find out why aphasia patients lose the ability to talk about the past and future
Tickling the nerves: Why crime content is popular
Intelligent fight: AI enhances cervical cancer detection
Breakthrough study reveals the secrets behind cordierite’s anomalous thermal expansion
Patient-reported influence of sociopolitical issues on post-Dobbs vasectomy decisions
Radon exposure and gestational diabetes
EMBARGOED UNTIL 1600 GMT, FRIDAY 10 JANUARY 2025: Northumbria space physicist honoured by Royal Astronomical Society
Medicare rules may reduce prescription steering
Red light linked to lowered risk of blood clots
[Press-News.org] Newport Beach Attorney Says Prepare Now For Year-End Changes to Estate Tax LawsBut according to Darlynn Morgan, an estate planning attorney in Newport Beach, the expiration of key tax laws in Congress may now put more local families at risk of owing more than half of their inheritance in "death taxes".