Don’t Forget to Update Your Beneficiary Designations
What do IRAs, 401(k) plans, life insurance policies, and pay-on-death accounts all have in common? Each of these assets is transferred on the insured’s or account owner’s death to the person or persons designated as a beneficiary of the insurance policy or the account. In California, these type of assets are not subject to a.. read more →
Annual Exclusion Gift Amount Increases in 2013
The tax law allows all individuals to make gifts to other persons on an annual basis free of gift tax and without the requirement to file a gift tax return. These gifts are known as annual exclusion gifts. In 2012, the annual exclusion gift limit is $13,000 for each gift made to a person. This.. read more →
Court Takes A Step Towards Marriage Equality
On October 18, 2012, the Second Circuit Court of Appeals issued its decision in Estate of Spyer, Docket No. 12-2335-35-cv(L), ruling that the federal Defense Against Marriage Act (“DOMA”) is unconstitutional as it violates the Constitution’s Equal Protection Clause. In Estate of Spyer, the surviving spouse of a married same-sex couple was denied the benefit.. read more →