Pursuant to Internal Revenue Code section 1031, taxpayers are allowed to defer the gains realized on sales or exchanges of real property if the exchange meets the requirements of the provision. These benefits will be allowed only to real property held for productive use in trade or business or for investment if the properties subject to the exchange are also of “like-kind” by their nature. In...Read More
In response to the COVID-19 pandemic, Congress passed a series of legislations including the “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act”, which was signed into law by President Trump on March 27, 2020. The CARES Act is designed to provide economic relief for individuals and small businesses who have suffered economic hardships due to the coronavirus pandemic. The $2...Read More
Our law firm recently created all of the essential estate planning documents for a client whose net worth is approximately $22 million. However, the concepts that are covered in this video are generally applicable to anyone who is considering establishing or amending a living trust regardless of the amount of his or her net worth. In the video above, attorney Haik Chilingaryan highlights the...Read More
Living trusts, otherwise known as inter vivos trusts, are created during the lifetime of the person who created the trust, who is otherwise known as the grantor, trustor, or settlor (hereinafter, “Grantor”). A Revocable Living Trust (“RLT”) can be established for a specified period of time, upon the occurrence (or nonoccurrence) of a specified event, or until the death of the Grantor. The...Read More
Even though Estate Tax Planning is currently utilized by only high net worth individuals, historic trends have shown that the risk of a person’s estate being subject to the estate tax may also be applicable to those individuals with more modest estates. If the federal estate taxes are owed at the individual’s death, the then deceased individual (“decedent”) has considerably less money to pass...Read More
An estate plan may include Living Trusts, Wills, Durable Power of Attorney, Health Care Directives, and Guardian Designations. Proper estate planning does not merely include the formation of these documents, but the process of identifying the objectives sought by the individual and putting in place the strategies that aim to accomplish his or her goals.
To get a general understanding on what...Read More