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Philip J Hoskins, Attorney at Law
Spring 2012 Newsletter


 

newsletter update spring 2012

10940 wilshire Boulevard
Los Angeles, CA 90024
Tel: 310-209-8080
Fax: 310-208-8582
Email: philip@estateprobatelawyer.com


 

 

 

New Estate Planning Tools Available

 

I am constantly looking to improve the tools I provide to my estate planning clients.  After speaking with a number of you I have revised the guide – Planning Your Estate – to make it clearer and hopefully more useful.

I have also made changes to the information forms I use to gather your information so that I can prepare estate documents that reflect your wishes.

Finally, I have packaged them in what are called “Portfolios” so that all the documents are in one place.

If you have started your work on estate planning or are now ready to begin and would like these new estate planning tools, please send me an e-mail asking for them.


 

Upcoming Workshops

For the past several years I have teamed up with a certified financial planner in presenting workshops specifically for the LGBT community. These FREE workshops are a continually evolving examination of the special legal and financial problems and unique opportunities for the LGBT community! The persistent lack of Federal recognition of LGBT partnerships creates widespread disadvantages for all members of the community, regardless of one’s relationship status or economic position. The introduction of State-level recognition via Civil Unions, Domestic Partnerships and state-specific Marriages has further complicated and convoluted the protections offered to all members of the community.

 

The next ones are:

 Aliso Creek Inn and Golf Course

31106 S. Coast Highway

Laguna Beach, CA 92651

Tuesday, March 20

7:30 – 9:30 p.m.

Saturday, March 24

11:00 a.m. – 1:00 p.m.

 

Escena Gold Club

Escena Lounge and Grill

1100 Clubhouse View

Palm Springs, CA 92262

Saturday, April 21, 2012

11:00 a.m. – 1:00 p.m.

 

Please tell your friends about these if you have already attended one.

 

Email me for details


 

 

 

 

Please feel free to share this email with your friends and family

 

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Welcome to Spring

Spring is arriving after an unusual winter and that means flowers, warmer weather and – income tax returns.

I hope all is well in your life and that this season brings you good health and success in all that you undertake.

I have sent an email already but in case you missed it, my new email address is:

philip@estateprobatelawyer.com


The Coming Storm

As you may know, the infamous tax compromise of 2010 extended the Bush era tax cuts until the end of 2012. We are now facing some rather draconian tax increases automatically beginning next January unless Congress can act before then.

Given the election year posturing and heated rhetoric we will suffer through this year, it may be wise to consider how those tax law changes might impact your financial and estate planning.

2012

2013

Income (Max)

35%

39.6%

Income (Min)

10%

15%

Capital Gains (Max)

15%

20%

Qualified Dividends (Max)

15%

39.6%

Gift (Max)

35%

55%

Estate (Max)

35%

55%

Estate and gift tax exemption

$5 million

$1 million

You may wish to consult your financial or tax advisor regarding these impacts. As for the implications for estate planning, few Americans have ever paid the estate tax. The exemption amount has always been high enough to protect most estates from the tax.

This could change if the exemption is lowered to $1 million. The amount is computed based on the gross value of assets, so owning a home and a stock account can easily put an estate in range of this reduced amount.

Stay tuned for developments on this issue this year.


Marriage Rights Status 

Now that 8 states have marriage equality and many more provide domestic partnership or civil union benefits, the big issue on the horizon for gay and lesbian rights is the Defense of Marriage Act, or DOMA.

Because of DOMA, the federal government is barred from according any of the benefits of marriage to same sex married persons. It is estimated that the lifetime cost to couples of this law is nearly $500,000.

A number of cases are now making their way through the courts challenging this law. A summary of these cases can be found here.

It is expected that the issue will get to the Supreme Court sometime next year.


 

 

 

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Nothing contained in this email is intended as advice on any issue discussed nor is it intended to create an attorney-client relationship.
Philip J. Hoskins
Attorney at Law
10940 Wilshire Blvd., Suite 1400
Los Angeles, CA 90024
310-209-8080; fax 310-208-8582
https://www.estateprobatelawyer.com
This e-mail is intended only for the person or entity to which it is addressed and may contain information that is confidential, privileged or otherwise protected from disclosure. Dissemination, distribution or copying of this e-mail or the information herein by anyone other than the intended recipient, or an employee or agent responsible for delivering the message to the intended recipient, is prohibited. If you have received this e-mail in error, please contact Philip J. Hoskins at 310-209-8080 or by email at philip@estateprobatelawyer.com. Also, please destroy the original message and all copies.

 


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