Protecting Your Estate

Sweeping Changes Coming In 2011 For Estate and Gift Taxes

Since 2001, there has been much confusion as to the progression of the Federal Estate and Gift Taxation rates. Slowly, the rates have risen to a maximum rate of 45% in 2009. Due to the confusion, in 2010, the government repealed the estate tax and generation skipping taxes for those dying in 2010, leaving billionaire estates without any tax obligation.

Unfortunately, in 2011, the estate and gift taxes will be reinstated. Barring any last minute holiday change, the annual exemption amounts (non-taxable amounts) will decrease to $1 million for both the estate and gift taxes, while the taxable rates max out at an astronomical 55%.

Fortunately, there are means through which individuals can reduce the impact of these taxes. Gifts can be made to multiple individuals that are not taxable due to annual exclusion amounts for gifts. Numerous trusts and transfers can enable estates to be reduced in size to ensure that the tax burden on those inheriting the estate is lessened.

While the nature of estate and gift taxation is very confusing, rest assured that all of these hassles can be solved through proper estate planning. Feel free to visit our estate planning information page here or to contact us regarding any estate planning needs you may have.

Equal Gay Rights a blink away

Legal Arguments that can protect homosexuals from discrimination under Title VII

In the press, you've heard of many groups pushing for equal rights for homosexuals, from marriage to the military, and most recently prevention campaigns against bullying of gay children.

Some cases that have come into our office recently have dealt with discrimination against homosexuals in the workplace.  Under Federal and Oklahoma state law, there are no prescribed protections for discrimination against homosexual citizens. However, a novel and workable argument has been made under a claim for gender sexual stereotyping that does fall under Title VII of the 1964 Civil Rights Act and has been used in several circuits including our 10th Circuit to defend rights of homosexuals from discrimination in the workplace. 

In such cases, individuals are able to gain Title VII protections through showing that they were discriminated against due to their failure to conform with expected gender stereotypes in a particular workplace. Recent examples of this type of discrimination have included comments made towards an effeminate male employee regarding his physical appearance and nature, as well as the treatment of a female employee who was regarded as overly masculine.

Healthcare Reform

Federal Judge Declares Individual Mandate Unconstitutional

As the debate over President Obama's healthcare reform act rages on, it is important to note milestones in the progress of the legislation.

Recently, Republicans secured their first major victory when a Virginia Federal District Court judge declared the individual mandate portion of the bill to be unconstitutional. In this, the Republicans see a sort of death siren for the healthcare bill itself, due to the loss of Constitutionality for the central enforcement mechanism for the bill itself.

By ruling that requiring individuals to purchase health insurance is unconstitutional, a significant hurdle to full enforcement of this healthcare measure is now in place. While it is likely that Republicans in the House of Representatives will soon vote on a symbolic repeal of the bill, this action would have little effect, due to Democratic control of the Senate and President Obama's power to veto any repeal or new legislation. As such, Republicans must rely on judicial rulings to strike down this legislation, and as a result, Republican leaders are extremely optimistic following this recent ruling.

This debate is far from over, as this case will probably make its way to the Supreme Court, but for now, the Republican party seems to have scored an impressive victory. For more on the recent ruling and how it may affect you, click here.