Essayli & Brown LLP

07/29/2024

07/29/2024

How You Deed Your Property May Impact Your Spouse’s Future Tax Bill

Get A Double “Step-Up” In Your Tax Basis and Avoid Capital Gains Taxes By Properly Titling Your Assets.

Imagine you and your spouse purchased a home in Orange County in 1998 at a price of $500,000. Great purchase! Now your home is worth $1.5 million. If you pass away, can your spouse sell the home and keep all the sales proceeds without paying any capital gains tax? Yes, but you’ll want to make sure the home is properly deeded.

The purchase price of an asset is referred to by the IRS as the “cost basis.” When you pass away, the cost basis of appreciated assets can be increased or “stepped-up” to the current market value of that asset. This is done in part to avoid double taxation – the federal government imposes an estate tax on assets at death, so to avoid paying both estate taxes and capital gains taxes for assets that will be sold, your estate representative is allowed to adjust the cost basis to market value.

Take, for example, a stock purchase at $10 a share, and which later increases in value to $100 per share. Normally you would be facing a $90 capital gain per share and a significant tax payment when the stock is sold. If, however, you hold the stock until death in the appropriate form of ownership, the “cost basis” will increase to the current market value of $100 a share and the stock can be sold without incurring any taxable capital gain.

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Did you know how you deed your property may impact your spouse’s future tax bill? Click here & schedule a consultation with Essayli & Brown LLP.

04/04/2022

Are you confused about the best way to transfer assets to your loved ones after you pass away?

The most significant difference between the two types of formal administration is that probates require court supervision, whereas a trust does not. When you leave a will behind, it must presented to a judge who will supervise the distribution of your estate according to the terms of your will. Obtaining the final court order will allow your beneficiaries to clear title to your estate’s assets (bank/investment accounts, real estate, etc.).

Are you confused about the best way to transfer assets to your loved ones after you pass away? You know that it is going to be an upsetting time for your loved ones, so you want to do your best to make the process as smooth as possible. Do you just need to create a will, or is it better to set up

02/24/2022

No one knows when their time will come, but everyone should take the time to plan their estate. Check out our latest article and when and why you should start your estate planning.

It’s common for many people to put off this important task. They wait until they are older or have a medical emergency. While there is no ideal time to start planning your estate, the sooner you begin the process, the more time you will have to make informed decisions.

03/31/2021

Changes to federal gift and estate tax laws are likely coming as a result of the recent shift in power in Washington, D.C. Here are simple proven strategies to lesson the impact of those changes.

Changes to federal gift and estate tax laws are likely coming as a result of the recent shift in power in Washington, D.C. While the Federal Government imposes taxes on transfers of assets both during life and at death, current law allows for the transfer of up to $11.7 million tax-free thanks to wh

03/05/2021

“This is a victory for religious freedom and the cherished God-given rights protected by the United States Constitution,” said Bilal A. Essayli, the lead attorney at Essayli & Brown, who represented the Bonnets.

Charges filed against an Idaho couple seen in a viral video being arrested for violating social distance and mask requirements have been dropped, their attorney says.

02/02/2021

Our firm secured these dismissals for our clients that were charged with criminal violations for engaging in Constitutionally protected religious services. We are thankful the city prosector's office reconsidered the charges after the presentation of our arguments to their office. This is win for our clients and the Constitution.

Irvine, CA - Sean Bohnet and his wife, Rachel Bohnet, attended an outdoor church worship service last September and were arrested by police in Moscow, Idaho for violating social distancing rules imposed by the city. Sean and Rachel were hauled away in handcuffs as their church sang hymns and Bible p

12/30/2020

Our very own Bilal Essayli was on Newsmax this morning to discuss the latest on Lori Loughlin’s college admissions scandal and her release from prison.

08/19/2020

Our client Lori Ford has been threatened with arrest if she returns to her home state of Hawaii. It’s ironic that on the 100 year anniversary of the 19th Amendment, the Governor of Hawaii would arrest Ms. Ford for daring to pull papers for office in violation of his stay at home order.

Regardless of how one feels about the orders, we can all agree that a mother with no criminal history does not represent a threat to the community. There’s no need to jail her. Send her a summons for court instead.

A Republican candidate for Hawaii's House of Representatives said she can't return from California because she fears being arrested for violating a traveler quarantine.

08/05/2020

Essayli & Brown fight back against politicized BLM case.

The Center for American Liberty in conjunction with Essayli & Brown LLP represented the Martinez, Calif. couple Nichole Anderson and David Nelson in Contra Costa County Superior Court today as they plead not guilty to misdemeanor and hate crime charges.

The couple was charged with vandalism, possession of vandalism tools, and hate crime by the Contra Costa District Attorney for their alleged defacing of a Black Lives Matter mural painted on the street in Martinez, Calif. on July 4.

"The California hate crime law has never been used to criminalize political speech," said the attorney representing the couple, Bill Essayli. "This is a dangerous precedent and proves that the Contra Costa District Attorney is a radical leftist, not an impartial administrator of justice."

Essayli held a press conference with the couple after the hearing and said, “We look forward to presenting our case to the jury. We think the charges here frankly are outrageous that a highly politicized DA who’s funded by George Soros would categorize anyone who disagrees with the radical Black Lives Matter organization as hateful or racist…It’s an overcharge in our view, it’s a political message and the justice system should not be weaponized in that manner.”

The next court hearing is set for Oct. 13. where a date for a jury trial will be set.

"The selective prosecution and indeed persecution of Nichole and David, with the baseless piled-on “hate crime” enhancements, is a violation of the First Amendment and of the civil rights of this couple, and we intend to vigorously contest the prosecution and ultimately hold the district attorney accountable for this abuse of power," said Harmeet K. Dhillon, CEO of the Center for American Liberty.

People who want to support the couple's legal defense fund can do so by visiting www.LibertyCenter.org.