Owning a home in Silicon Valley is not an easy task. The local market of supply and demand, especially in west side of the Valley, is not in sync with the rest of the country's economical situation. The extreme of low supply and high demand has made purchasing a home in Silicon Valley very competitive and sometimes tricky. In this blog, bits and pieces of market phenomenon are presented for your information.
Thursday, January 10, 2013
A new development on the Estate and Gift Taxes
On New Year Eve and New Year day (2013), to avert the Fiscal Cliff temporarily, the Senate and the House had made this permanent: the estate and gift tax exemptions are set at the same $5 million level, indexed for inflation, and the estate tax rate above that exemption rose to 40 percent, up from 35 percent. With indexing, the exemption is already about $5.25 million per person — double for a couple.
For more details, please check out the following links from New York Times and the Forbes:
http://www.nytimes.com/2013/01/05/your-money/fiscal-deal-ends-decade-of-uncertainty-over-gift-and-estate-taxes.html?pagewanted=all
http://www.forbes.com/sites/deborahljacobs/2013/01/02/after-the-fiscal-cliff-deal-estate-and-gift-tax-explained/
Please consult a Probate and Estate Planning Attorney if you like to discuss your concerns on this. You’re welcome to email me for a recommendation of attorney with such expertise and practice.
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