People in same-sex relationships in California have had a tumultuous ride over the last year. Between Proposition 8 and the uncertainty over the Federal Defense of Marriage Act, it might be difficult for same-sex couples and people in domestic partnerships to even know where they stand under the current law.
Readers of this blog may have seen the recent piece about Phil Mickelson's frustration with the California state income tax. He's certainly not the only one complaining, as income taxes have steadily increased over the last several years and certainly seem likely to continue to grow in the foreseeable future. Death and taxes, the two things that are inevitable in this life, as the saying goes, also are the two things that make having an estate plan absolutely essential for people looking to protect their assets and avoid unnecessary taxation.
A recent news story focused on a California woman who was preparing her will and deciding how to split her earthly possessions amongst her four children. Ultimately, she decided that she would exclude one of her children from receiving any inheritance. Of course, excluding a child from a will can sometimes be easier said than done.
California sports hero and worldwide golf superstar Phil Mickelson had some choice words about the new state and federal income tax rates he, as one of the highest-paid athletes in the world, will be forced to pay as a California resident. That is, if he remains in California at all. Mickelson has expressed his frustration with the increase in the state income tax, as he recently saw his tax rate increase from 10 percent to 13 percent.