Blog readers may recall the story of deceased Hollywood sitcom star Sherman Hemsley's estate and the legal challenge from his brother that kept his body above ground for more than three months after his death. Finally, an El Paso, Texas, judge has ruled that Hemsley's will was valid, meaning that Hemsley can finally be buried in accordance with his written wishes.
One of the major differences between President Obama and Mitt Romney was their opinions on how to handle taxation of the middle and upper class. Obama favors an increased tax rate for the wealthiest Americans, and not surprisingly, Democrat-dominated California voted to increase the state tax rate on earners in the higher tax brackets. People earning between $250,000 and $300,000 will now pay 10.3 percent in state income tax. Those earning $1 million and more will now pay 13.3 percent, which is a 3 percent increase.
Californians may have seen that deceased pop star Whitney Houston's estate has finally been settled. Bobbi Kristina Brown, the daughter of Whitney Houston and singer Bobby Brown, will receive three sizeable installments from the estate as she hits certain age milestones.
California residents, especially readers of this blog, are well-aware of the impending changes to the gift tax and the estate tax that will take place unless Congress acts quickly to pass new legislation before next year.
A recent news article discussed the issues that California same-sex couples may face when it comes to making sure that they and their loved ones are fully protected financially. Same-sex couples can face more difficulties than heterosexual married couples when it comes to filing taxes, collecting insurance, contributing to retirement plans, collecting social security benefits and even going through probate, so LGBT couples need to take additional care when it comes to estate planning.