Jeffrey Louis Gaffney
Helping people protect assets and plan their estates in North County San Diego.
Jeffrey Gaffney is a 27 year attorney and retired Navy Captain. Originally from New York, he moved to San Diego in 1985 and has remained here since, military duties permitting.
An attorney since 1993, Jeff is a graduate of the University of San Diego School of Law. He began as a law clerk in 1991, helping aggrieved investors recover from unscrupulous stockbrokers. A former registered representative ("used stock salesman") and principal (licensed manager of registered representatives), he began his own law firm in the midst of a scandal involving Prudential Securities' sales of limited partnerships. Since then, he has handled over 300 cases against brokerage houses.
Several years ago, Jeff combined trust and estates law into his practice -- a natural extension to the financial and planning advice he had been giving clients for years.
Jeff finished 30 years of active and reserve duty in March 2015. He enjoyed a successful career with eight years of active time, and 22 years of vigorous participation in the reserve. He led two major international exercises, served in the Middle East on several occasions, and had three command tours. His favorite job was a 2.5 year recall to active duty to run the Navy's history programs and museums; sadly this included being on the Navy Yard for the 2013 shooting.
An environmentalist, the Gaffney family has its own nonprofit organization to support sea turtle conservation, of which Jeff is the Treasurer (www.gaffneyseaturtleproject.org). He is also active with San Diego Coastkeeper. He enjoys summers in Central America working to preserve marine life.
A 1983 graduate of the State University of New York at Oswego, Jeff was named the outstanding graduate in his major. He graduated USD Law School in 1993. He later received a Masters in Strategic Studies from the U.S. Army War College in 2004. Jeff is also a graduate of the non-resident (non-degree) programs of the Naval War College.
- Estate Planning
- Guardianship & Conservatorship Estate Administration, Health Care Directives, Trusts, Wills
- Stockbroker & Investment Fraud
- Elder Law
- Free Consultation
- Contingent Fees
- California
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- English: Spoken, Written
- Attorney
- Law Office of Jeffrey Gaffney
- - Current
- For 25 years I have helped regular people solve their investment and planning problems, I primarily do estate planning, but I am also familiar with conservatorships and stock broker malpractice and fraud. I am proud to have been helping the elde community with all manner of financial issues and look forward to doing it for many years to come.
- Officer
- US Navy
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- For thirty years I was a Naval Officer, Reserve and Active. I served as a Surface Warfare Officer, leading large groups of sailors in complex situations worldwide.
- Clerk, then Attorney
- Law Office of John Allen
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- My first legal job. I began as a clerk while still in Law School and stayed on after I passed the bar. I spent those years learning how to sue a stockbroker and fix their greedy sins.
- Registered Representative and Manager
- First Investors Corp.
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- After I left active duty with the Navy I became a "used stock salesman", which I hated. I left there to attend Law School.
- SUNY Coll at Oswego
- Undergraduate Degree
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- Univ of San Diego School of Law
- Law Degree
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- US Army War College
- M.A. (2004) | National Securities Studies
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- Military graduate school.
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- Distinguished Service Award
- San Diego Volunteer Lawyer Program
- For my work with victims of domestic violence and elder abuse.
- Meritorious Service Medal. Numerous and various lesser awards.
- US Navy
- Wide variety of military awards for superior performance.
- National Meritorious Service Award
- Operation Homefront
- For work in helping to establish a new program for mobilized reservists.
- Marion Mahar Award
- State University of New York
- Named the Outstanding graduate in my major for my undergraduate degree.
- Black Belt, First Degree
- International Tae Kwon Do Federation
- California Bar Association
- Member
- - Current
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- California State Bar
- - Current
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- Elder Counsel
- Member
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- Q. For health reasons, a father wants to transfer full ownership to an adult son and daughter effective immediately.
- A: Don’t gift away large assets! This is all about your tax basis in the asset. The tax basis is the amount the IRS uses to figure out your profit when you sell, so they can tax the profit. Usually, this amount is the purchase price. If you give someone an asset, you also give them your tax basis (which is a bad thing). If I paid $100,000 for my house many years ago and now it is worth $1 Million, then there is a $900,000 gain waiting to be taxed when I sell (at maybe 20%). If I give you the house, I also give you the $100,000 tax basis (my purchase price) and when you sell the house YOU will have to pay the tax on the $900,000 gain. What you want is to pass the house through inheritance (a Will or Trust). When I pass the house to you after my sad and untimely death, then your tax basis is NOT my tax basis. Your tax basis is “stepped up” to the current value ($1 million in our example) so that no one ever pays tax on that $900,000 gain (which is a good thing for you; the government would probably just blow the money on something stupid). Also, for older folks, giving away a house will make them ineligible for Medi-Cal to pay their nursing home costs for the next 30 months. If they keep the house as their residence (even if they are in a nursing home) and put it in a Trust (any kind) then the house will be protected from Medi-Cal wanting to get paid back.
- Q. If a home is left to me would I still have to go through probate if the owner had put me on the deed? Thank you,
- A: That depends on how the deed is worded. If it lists you as a joint tenant with rights of survivorship then you are now the full owner and skip Probate, but you need to file an affidavit with the county clerk and show them the death certificate to get the house recorded in your name alone. If you are listed on the deed in some other way then you still skip Probate because you are probably not the owner of the deceased person's interest. Look at the deed. Talk to a lawyer.
- Q. If my mom died and in her will left me the house how do go about legally getting the deed and house
- A: If she left it in a Will then you have to go through the Probate Court and get the court to order the new deed. If she used a Trust then you could skip that step.
