In Part I of this series on taxes, we discussed federal taxes, and in Part II, we discussed state taxes. For Part III, we will discuss local taxes in California and generally. In California, local taxes are typically handled through the county tax assessor/collector. We will specifically discuss property taxes and taxes on the transfers of property. Local Taxes: Property…
In Part I of this series on taxes, we discussed federal taxes. For Part II, we will discuss state taxes. State Taxes: Income Taxes The first type of state tax that affects estate planning is individual income tax. Like federal income tax, state income tax can apply to individuals, married couples, and entities, including trusts. Income tax is a tax…
In a famous quote by Benjamin Franklin, “nothing can be said to be certain, except death and taxes.” Now taxes are not fun; however, they are certain, and there are many different kinds of taxes. In estate planning, we deal with several different types of taxes, and people often mix them up. Here we will lay out the different types…
