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Estate Planning

Application of the Transfer for Value Rule to the Sale of Life Insurance

April 4, 2022 by Sara Ovando

Even individuals with modest estates purchase life insurance which means that Estate Planning attorneys must understand the rules regarding taxation of life insurance. Retention of certain powers or certain transactions could cause negative income, gift, or estate tax consequences.

Filed Under: Estate Planning, legal education

What Estate of Marion Levine Means for Life Insurance

April 3, 2022 by Sara Ovando

Life insurance has long been part of Estate Plans, whether used to ensure liquidity for the estate on the death of the insured, or simply as income replacement on the death of the insured. Understanding the impact of life insurance on an estate plan has become critically important. A recent tax court case resulted in a big win for the taxpayer in a complex set of facts which could impact how you incorporate life insurance for your Estate Planning clients

Filed Under: Estate Planning, legal education

Let’s Talk about Trusts…and Taxation

April 2, 2022 by Chumahan Bowen

Estate planning attorneys need to understand and explain taxation of trusts in order to properly advise clients. Individual clients need to understand the implications of the plan their attorney suggests in order to properly file their own taxes. Determining whether a trust qualifies as a grantor trust or a nongrantor trust is the first step in determining tax liability for a particular year.

Filed Under: Estate Planning, legal education

Just When You Thought You Understood the 10-Year Rule, Think Again

April 1, 2022 by Chumahan Bowen

IRAs have become ubiquitous components of estate plans. The SECURE Act of 2019 altered the landscape for IRAs significantly by eliminating the stretch benefit for most designated beneficiaries and forcing all designated beneficiaries other than Eligible Designated Beneficiaries to use the 10-year rule for distributions. The 10-year rule was thought to operate much like the 5-year rule that existed before the passage of the SECURE Act. Recently issued proposed Treasury Regulations dispute that and instead require annual distributions for any beneficiary subject to the 10-year rule.

Filed Under: consumer, Estate Planning, legal education, retirement planning

What Everyone Should Know about the New FDIC Regulations

March 1, 2022 by Chumahan Bowen

Although revocable trusts are the centerpiece for many estate plans, many clients are confused by what amount of their deposit accounts are insured by the Federal Deposit Insurance Company. To make the rules easier to apply, the Federal Deposit Insurance Company released new rules with a delayed effective date. These rules build on the current concepts while simplifying their application.

Filed Under: consumer protection, Estate Planning, legal education Tagged With: estate planning, Federal Deposit Insurance Company, irrevocable trust, revocable trust

State Income Taxation of Social Security Benefits

March 1, 2022 by Chumahan Bowen

The pandemic has had a long-lasting influence on our culture, including encouraging relocation at previously unheard-of levels. Imagine the surprise of a recently relocated retiree who discovers that their previously untaxed Social Security benefits are now included in their taxable income at the state level. Taxation of these benefits could have a serious impact on their lifestyle and may provide a less beneficial financial picture than was first thought. Want to know whether your state taxes Social Security benefits?

Filed Under: Estate Planning, legal education Tagged With: estate planning, income tax, Social Security benefits, state and local tax

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1800 E. Garry Avenue, Suite 116
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OVANDO BOWEN, LLP

Ovando Bowen, LLP
1800 E. Garry Avenue, Suite 116
Santa Ana, CA 92705
Phone: 949-490-4884
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Office Hours

Monday9:00 AM - 5:00 PM
Tuesday9:00 AM - 5:00 PM
Wednesday9:00 AM - 5:00 PM
Thursday9:00 AM - 5:00 PM
Friday9:00 AM - 5:00 PM

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