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%)
Scheduled February 2014
Estate Counselor’s Forum
Scheduled February 2014 Estate Counselor’s Forum
Scheduled February 2014 Estate Counselor’s Forum
Scheduled February 2014
Estate Counselor’s Forum
Scheduled February 2014 Estate Counselor’s Forum
Scheduled February 2014 Estate Counselor’s Forum
Scheduled February 2014
Estate Counselor’s Forum
Scheduled February 2014 Estate Counselor’s Forum
Scheduled February 2014 Estate Counselor’s Forum
Update Co-Author
Chapter 17, ‘Sales and Real Property Transactions’ (Continuing Education of the Bar [CEB])
Update Co-Author Chapter 17, ‘Sales and Real Property Transactions’ (Continuing Education of the Bar [CEB])
Update Co-Author Chapter 17, ‘Sales and Real Property Transactions’ (Continuing Education of the Bar [CEB])
Scheduled February 2014
Estate Counselor’s Forum
Scheduled February 2014 Estate Counselor’s Forum
Scheduled February 2014 Estate Counselor’s Forum
Scheduled March 2014
Los Angeles Estate Planning Counsel
Scheduled March 2014 Los Angeles Estate Planning Counsel
Scheduled March 2014 Los Angeles Estate Planning Counsel
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).
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.
The IRS recently has made significant pronouncements with respect to community property treatment for Registered Domestic Partners and same-sex spouses. In summary, the IRS:
Up to this point, although same-sex RDP’s and same-sex spouses had to report 1/2 of community property earnings on each partner’s/spouse’s state income tax return, the “earning” partner/spouse had to report such individual’s entire earnings on his/her federal income tax return. However, on a moving forward basis, income reporting on the federal and state income tax returns will now be consistent – with 1/2 of the community property earnings being reported on each partner’s/spouse’s income tax return.
Although many practioners believed that creation of community property at the moment it is earned could not be viewed as a taxable
By viewing this website, you agree that no attorney client relationship is created. Content provided by willowlaw.com is informational and general in nature only. Information contained herein may not reflect the most current legal developments, does not constitute legal advice and should not be used for this purpose. Visitors to this website should not act on any of the information contained herein without first obtaining qualified legal advice. Or more simply, give us a call first.
Century City/Los Angeles
1801 Century Park East, Suite 2400
Los Angeles, California 90067
Culver City
300 Corporate Pointe, Suite 320
Culver City, California 90230
LA: 310.684.3688
SF: 415.889.6899
FAX: 310.684.5800
Ⓒ Willow Law. All Rights Reserved.