3-15-2022 Death & Taxes (How to avoid at least one of them)
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Many property owners may be surprised to realize that, even with a moderately healthy return of approximately 7 percent annually, your net worth could easily double in ten to twelve years! However, without proper planning Uncle Sam can demand a hefty chunk.
Currently, the estate tax exemption is $12.06 million per person in 2022 (which covers a substantial amount of real estate assets) but is scheduled in 2025 to automatically be reduced.
This reset will return the estate and gift tax exemption amount to $5 million, as it was in 2016 (though it will be indexed for inflation, resulting in an exemption amount of approximately $6.6 million in 2026).
If the estate tax exemption amount is halved in 2026 and increases only with inflation at a historic rate of approximately 2.5 percent per year, clients could very quickly find themselves at risk of paying significant estate taxes (currently at a 40 percent rate) if they are still in the mindset of having a $12.06 million estate tax exemption ($24.1 million for married couples) available when they pass away in the next one to two decades.
Let’s talk about techniques to reduce these potential taxes from become a reality for your estate.
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Santa Barbara, CA 93105
United States 805.687.7007
Randall Fox is experienced in real estate, land use and zoning law; business and corporate law; estate planning and trust administration; and complex business litigation. He has been with the firm since 1978 and is known for his strategic thinking, quality execution, and ability to get things done.
Randy has over 40 years’ experience as an attorney with a client base that ranges from small investors, start-up businesses, family businesses and nonprofit entities, to large landowners, corporations and the FDIC. He was an instructor in real estate law at Santa Barbara City College and has been a panel attorney for the California Association of Realtors since 1990.
He has served as a member of the Chancellor’s Council at the University of California Santa Barbara, a trustee and past Chairman of Laguna Blanca School, a director and past Chair of the Rehabilitation Institute at Santa Barbara, and a past director of the Goleta Valley Chamber of Commerce, Zona Seca, and past trustee of the Santa Barbara Historical Museum. Fox currently serves as a trustee of the Santa Barbara Maritime Museum and of Exploring Solutions Past: The Maya Forest Alliance.