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Willow Law Group provides professional legal representation and advice on estate planning matters to individuals and families in the Los Angeles, South Bay and San Francisco Bay areas

Latest blog posts

Estate and Gift Tax 2014

Starting January 1, 2014, the individual lifetime estate and gift tax exemption is $5,340,000, adjusted for inflation from 2013′s $5,250,000 exemption. In addition, the maximum estate/gift tax rate is 40% for an estate and/or gift(s) exceeding the lifetime exemption amount (the same maximum rate as 2013, and increased from the 2012 maximum rate of 35%)

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Estate and Gift Tax 2013

After 2 years of “what ifs” and “then whats,” we finally have resolution regarding the estate and gift tax exemptions. As a result of the last minute “Fiscal Cliff” legislation, starting January 1, 2013, the individual lifetime estate and gift tax exemption is $5,250,000, adjusted for inflation from 2012′s $5,120,000 exemption. 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).

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U.S. Supreme Court to Rule on Gay Marriage

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. Arguments are expected to be heard before the Court March 25-27, 2013, and a decision is expected around June 27, 2013. 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.

According to CNN.com, there are approximately 120,000 legally married same-sex couples in the United States.

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