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Same-Sex Marriage or Domestic Partnership

By Julia Frey.

The U.S. Supreme Court recently issued a decision in Obergefell vs. Hodges which held that States cannot keep same-sex couples from obtaining a license to marry and must recognize same-sex marriages from other states.  The law of the land is that same-sex couples can legally marry and be entitled to the protections, rights and obligations of any other lawfully wedded couple.   However, will this ruling result in same-sex couples being required to marry in order to keep benefits?  Many employers have provided for domestic partner benefits in the past, when same-sex marriages were not legal.  Now that same-sex marriage is permitted, will companies rescind domestic partner benefits and replace it with spousal rights?  Some large companies have already begun phasing out domestic partner benefits for same-sex partners, which means that one would have to marry to keep those benefits.  If you currently have domestic partner benefits you should check with your employer and see whether any changes are anticipated to those benefits. read more

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Estate Planning for Non-U.S. Citizens

by Matt O’Kane and Jason Palmisano

The laws governing the U.S. estate and gift tax system are complex.  For Non-U.S. Citizens, the U.S. estate and gift tax system is more onerous and requires a much higher degree of awareness.   We recently hosted a seminar discussing several issues Non-U.S. Citizens face in transferring their asset to their loved ones and providing strategies to minimize U.S. transfer taxes, including: read more

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No Federal Estate Tax?

On April 16th, 2015 the U.S. House of Representatives voted overwhelmingly to repeal the federal estate tax.  Is this the death knell for the death tax?  Probably not this year.  But if there is a Republican President after the 2016 election, and the Republicans control the U.S. House and Senate, there may very well be a repeal of the estate tax.  The interesting thing to see is what other changes may be enacted if  that is the case.  For example, in 2010 when there was no estate tax, there was a limit on the amount of assets that would receive a “step-up” in basis.  This kind of idea has been pushed by President Obama who would like to see the basis step-up limited to $3,500,000 per person; and is certainly in the consciousness of many of those who do not want to see the estate tax abolished.  We will have to wait and see, but there is little doubt that there will be tax law changes in the future, just as there have been in the past.  It is important to review your estate plan with your attorney to ensure that what you drafted many years ago, still is the best plan for you. read more