Estate and Gift Tax Planning in Torrance, CA

Over the course of your career, you have worked hard to build your estate, so the last thing that you want to worry about is that the bulk of it will be consumed by taxes and legal costs once you are gone. The Internal Revenue Code is now more than 50,000 pages long. Do you understand all of its complexities? We do.For more than 30 years, our attorneys have assisted our individual clients in taking creative and effective tax-planning and tax-saving steps.

We do not provide simple one-size-fits-all estate plans. Instead, we get to know you, your family, your business and your wishes so that we can implement a custom-tailored estate plan for your needs. We offer a variety of creative strategies for passing your wealth on to your heirs as efficiently as possible.

While each estate plan differs, we always pay particular attention to:

  • Using a living trust to avoid the time-consuming and expensive probate process.
  • Naming an appropriate guardian for your minor children.
  • Creating bypass trusts, generation-skipping trusts, irrevocable life insurance trusts (ILIT), estate plans for domestic partners, QPRT, GRIT, GRAT and family limited partnerships.

No matter the size of your estate, the attorneys at David Lee Rice, A Professional Law Corporation, will work with you to reach your goals of passing your estate on to your heirs in an orderly, timely and tax-efficient manner.

Special Tax Planning Steps For Domestic Partners

On May 28, 2010, the Internal Revenue Service issued three important rulings dealing with tax issues faced by same-sex couples who are registered domestic partners under California law. The law now requires that:

  • A taxpayer report on their individual federal income tax return one-half of the combined income that the taxpayer and the domestic partner earn from the performance of personal services and one-half of the combined income derived from their community property assets.
  • The taxpayer is entitled to half of the credits for income tax withholding from the wages of the taxpayer and the domestic partner.
  • Federal law respect California community property laws so that, for tax years beginning after December 31, 2006, a California registered domestic partner must report one-half of the community income, whether received in the form of compensation for personal services or income from property, on his or her federal income tax return.
  • The Internal Revenue Service can consider the assets of the taxpayer’s registered domestic partner in the state of California when determining whether to accept the taxpayer’s Offer in Compromise.

If you are being audited by the Internal Revenue Service, Franchise Tax Board or any other state or local tax authority, contact the tax attorneys at the David Lee Rice, A Professional Law Corporation, immediately at 310-517-8600 for a consultation.

What Sets Us Apart?

  • Over 3 Decades of Experience
  • Specialist in taxation through the California Board of Legal Specialization
  • Certified as a specialist in elder law through the National Association of Elder Law Attorneys