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New Estate Planning Tools Available
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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.
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Upcoming Workshops
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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
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Please feel free to share this email with your
friends and family
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Welcome to Spring
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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
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The Coming Storm
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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.
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2012
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2013
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Income (Max)
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35%
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39.6%
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Income (Min)
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10%
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15%
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Capital Gains (Max)
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15%
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20%
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Qualified Dividends (Max)
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15%
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39.6%
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Gift (Max)
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35%
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55%
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Estate (Max)
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35%
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55%
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Estate and gift tax exemption
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$5 million
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$1 million
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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
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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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