After 2 years of "what ifs" and "then whats, " we finally have resolution regarding the estate and gift tax exemptions. In addition, the maximum estate/gift tax rate is 40% for an estate and/or gift(s) exceeding the lifetime exemption amount (increased from the 2012 maximum rate of 35%). Although unrelated to the "Fiscal Cliff" legislation, the annual gift tax exemption is now $14,000 (increased from $13,000 in 2012).
The United States Supreme Court stated today that it will review lower court rulings finding California's Prop 8 and the Defense of Marriage Act unconstitutional. While there is hope that such decision will address the constitutional issues surrounding non-recognition of same-sex marriage, it is possible that the Court may rule on legal procedural issues and side-step the constitutional questions all-together.
The United States Supreme Court stated today that it will review lower court rulings finding California's Prop 8 and the Defense of Marriage Act unconstitutional. While there is hope that such decision will address the constitutional issues surrounding non-recognition of same-sex marriage, it is possible that the Court may rule on legal procedural issues and side-step the constitutional questions all-together.
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No one likes to contemplate death or incapacity. It is human nature to shy away from such thoughts. However, what is more troubling is the idea of being caught unprepared; the worst happens without the chance to put everything in order. Add to that idea the fact that your family bears the burden. We make sure your estate plan is in place and complete to accomplish your desires and reduce the burden on your family.
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