Understanding Income Tax Limits on Charitable Deductions Income Tax Limits Table Recipient Organization Type of Gift Deduction Limit Valuation Public Charities, Donor-Advised Funds, Private Operating Foundations (50% Orgs) Cash 60% of AG (scheduled to sunset to 50% beg. 2026) Cash Value Long-Term Cap Gain (e.g., stocks, real estate), Choice of: 30% of AGI Fair…
Private Operating Foundations vs. Non-Operating Foundations: Key Differences for Philanthropic Success In the world of charitable giving strategies, private foundations offer individuals and families a unique opportunity to create a lasting legacy while supporting charitable causes they care about. Read here on private foundations, generally. In this article, I discuss the major differences between a…
One of the main distinctions the IRS has established that distinguishes public charities from private foundations, is the broad base of support from the public that is required to establish a public charity. To qualify as a public charity under Section 501(c)(3) of the Internal Revenue Code, an organization must meet specific requirements regarding the…
When someone has, through hard work and good fortune, built up substantial assets, the threat of losing a substantial chunk of it to creditors or as the result of a lawsuit looms large. While California is often regarded as being unfriendly to those seeking to preserve their wealth due to higher taxes, tough regulations, and…
Diversification of investments is typically thought of as the best strategy to grow wealth and protect an individual’s holdings from the vagaries of the economy. Real estate in particular has become an attractive option for high-net-worth individuals looking for investment options beyond having a stock portfolio. While from an investment standpoint this has significant benefits,…
In an interconnected world where professional and personal opportunities more and more often result in people having family, property, and interests all over the globe, the question of how to protect the assets they’ve built becomes much more complex. Living an international lifestyle means that estate planning may not be governed solely by the laws…
Whether you’re nearing retirement, ready to cash out, or seeking to exit a challenging situation, the process requires meticulous planning and execution. Selling a business is a multifaceted journey involving numerous steps to ensure a smooth transition and the best possible outcome. At Bridge Law LLP, we provide more than legal counsel; we connect you…
We prepared this guide so you can be prepared with the estimated costs to go through California Probate. Please reach out to us if you are facing the following situations: Net Worth Filing Fees Executor Fees Calculation Executor Fees Total Attorney Fees Calculation Attorney Fees Total Total Probate Fees $1 million $435 4% of the…
Estate planning can be an uncomfortable subject for some to contemplate. After all, even if the idea of passing your property and assets on to your loved ones after you’re gone gives you a sense of satisfaction, nobody wants to think too long or hard about their own death. But few people understand the complications…
Investing in rental properties can feel like a sure bet for increasing income, especially compared to the uncertainties of the stock market. That investment also comes with risks that may not be covered by simple liability insurance, however. Wise property owners must consider the best way to protect their personal assets in the event their…
In part 1 of this article, we discussed the features of joint ventures, how they are different from other types of business arrangements, and some purposes for which they are used. A joint venture can help two or more parties work together to accomplish a shared business goal, but as with other business transactions, a…
To accomplish a specific business goal, a business entity or partner may need access to capital, assets, skills, or other resources they do not already possess to succeed. When this is the case, a joint venture can provide a mutually beneficial means for two or more parties to work together temporarily to accomplish that shared…
Pre-deal due diligence is an essential component of any merger or acquisition. While a sense of the potential opportunity is what inspires any M&A deal, it is awareness of the risks and possible obstacles that shape its terms. Thorough due diligence not only provides a buyer with understanding of the seller’s business, but also provides…
Mergers and acquisitions (M&A) can be an effective strategy for companies to grow, acquire new technologies, capture market share, or seize opportunities. However, the structure of a proposed deal can have significant tax consequences at the federal and perhaps state level that must be considered to maximize value and cash flow from the transaction. Seller…
As a relatively new asset class, cryptocurrency is only beginning to be a consideration in estate planning. For its fans, the decentralized nature of cryptocurrency is one of its benefits—no need to go through a bank or other traditional financial institution to invest. However, that also presents a serious and potentially insurmountable challenge when it…
The beneficial ownership information (BOI) reporting requirements mandated by the Corporate Transparency Act (CTA), which go into effect on January 1, 2024, have clear implications for business entities that were not previously compelled to provide information on their ownership or management. However, they can also affect trusts, depending on the business assets a trust holds….
When couples are planning how their estate will be distributed to their beneficiaries, one common goal is to maximize the amount that can pass to their heirs by minimizing estate tax obligations. Another consideration, however, is providing for the surviving spouse after one member of the couple has passed. Planning can also be complicated by…
For foreign companies, the United States can represent a significant market opportunity for international expansion. Unfortunately, regulatory requirements that were less stringent than those of other developed countries have also made the US an attractive target for bad actors seeking to launder money and fund illicit activities through anonymous shell companies. More than two million…
In 2021, the Corporate Transparency Act (CTA) passed with bipartisan support. As part of the Anti-Money Laundering Act of 2020, the CTA is intended to help bring US law in line with safeguards in other developed countries intended to prevent the flow of illicit money through anonymous shell companies by requiring the US Department of…
But, would you live for them? Dear Friends, As an estate planning lawyer, I deal with death everyday. Everyday, people in my life die, and our office gets “the call.” After you deal with it daily, death is not as depressing as you may think. Because once you understand death, you truly understand life. I…
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