Spring 2010 Newsletter Hot Off the Press

Cooper-Gordon LLP nvites you to read the most recent newsletter written by Frieda Gordon and Avery Cooper which can be found at their website http://www.cooper-gordon.com/. Photos have also been included in the newsletter.

AVERY COOPER A HUGE SUCCESS IN INDIAN WELLS SEMINAR

Avery Cooper presented a program on Crossover Issues Between Probate and Family Law related to Transmutations along with another distinguished family law specialist from San Francisco and Judge Mitchell Beckloff, sitting as Supervising Judge of Probate Court in Los Angeles.  This was part of a larger 3-Day Seminar brought every Spring for 20 years by the Association of Certified Family Law Specialists, composed of members throughout the State of California.  It was held in Indian Wells, California at the luxurious Hyatt Grand Champions Hotel and Spa.  Avery has proven himself to be one of the leading specialists not only in family law, but in probate and estate planning as well.  He brought up many important issues for family law attorneys to be aware as they prepare prenuptial agreements and review various issues with new clients.  The laws regarding community property differ depending on whether the parties are getting a divorce or one of them dies.  Rather than have to pay for two and sometimes three or four attorneys to handle the various specialities overlapping family law, such as probate, estate planning, real estate and tax matters, Avery Cooper as well as his partner Frieda Gordon are very experienced in all of those matters and will be knowledgeable enough to ask the right questions so that the client will be completely protected and informed.

Congratulations to Avery for a job extremely well done!

Web Traffic for Cooper-Gordon Firm Doing Well

After a lovely meeting with our FindLaw marketer, Dyonne Wollin, I was happy to learn that we have a very high number of hits to our web site, of which I am very proud.  I would love to hear from anyone visiting our web site, and this blog, whether they like the web pages and whether some changes might improve the site and/or my blog.  We are grateful for your responses, both positive and constructively critical.

Happy New Year from all of us at Cooper-Gordon LLP.

Where Oh Where Has the Estate Tax Gone?

A virtual Black Hole was created for all of us who have, or intend to create an estate plan this year. As of January 1, 2010 our federal estate tax laws were repealed. However, only persons dying on and after January 1, 2010 but no later than December 31, 2010 will be affected. It may be comforting to note that Senate Finance Committee Chairman Max Baucus has pledged that the Senate will pass a bill reinstating the tax, which has passed through the House of Representatives in legislation previously passed on December 3, 2009, but this fact still leaves us with the question of whether a retroactive reinstatement of the federal estate tax will survive constitutional scrutiny for persons dying on or after January 1, 2010, but before the date of the bill’s passage and signing by the President. Best solution is to see your estates and trusts professionals and do whatever it takes to shelter your assets from estate taxes now, rather than later.

Time to Review and Fund the Assets in Your Estate

Every five to seven years it is wise to review your estate plan, and if there has been any life-changing events, or large purchases, divestments or inheritances, or if you no longer speak to the person(s) you listed as next in line to make the most important decisions of your life for you when you are no longer capable of doing so yourself, it is time to contact your estates attorney and get your estate plan modified. Should you be among the majority who have put off that very important task too long, let this be a reminder that it is NEVER too soon to take care of those near and dear to you.

I was saddened recently to learn that a client of mine passed away, having done all he could to preserve his estate and provide for his intended beneficiaries. Unfortunately, the person he chose as Trustee did not change title to the liquid assets in the estate, thus negating one of the best the reasons for the Trust in the first place. At some cost, I am in the process of rectifying that situation. Please do not be one of those who forgets that every asset that should be in the trust must affirmatively be transferred to the trustee of that trust. It does not happen automatically!

Getting Along During the Holidays

The holidays can be a difficult time reminding you of better years when the family was still together. It is sometimes helpful to take a vacation during the holidays to get away from painful triggers and escape the stress of cooking and cleaning, questions from well-meaning relatives and friends, decorating, going to parties alone, etc. Your children should be told that the holidays will be a happy time and you will make new memories. For examples of how to create new family traditions, check out a book by Jann Blackstone-Ford and Sharyl Jupe called Ex-Etiquette for Holidays and Other Family Celebrations . The authors' book on how to handle the holidays is practical and thorough. Make sure that you think about your child's best interests in making your plans. Be respectful of your ex's rituals and traditions and try not to speak ill of your ex-spouse or his family, or or anyone else for that matter.
Emphasize for the children that they will be celebrating with both parents and that the important thing is being together, not necessarily on a certain day. Just be sure to avoid giving your younger child the power to make the decision as to with which parent she or he will be during certain celebrations. That could make him or her feel guilty.

Noteworthy Changes in our tax laws for 2009

There are many tax incentives set to expire. As a result, accelerating qualifying expenses into 2009 to take advantage of these incentives, rather than incurring them early in 2010, may make a significant difference in your overall tax bill. Some noteworthy changes in 2009 include the following:
• New vehicle deduction - The new economic stimulus law includes a special tax provision
designed to generate sales of motor vehicles. It applies to qualified vehicles purchased after
February 16, 2009.
• Residential Energy Credits - Take advantage of the energy tax credit for installations in
your home. The new economic stimulus law enhanced the residential energy credit for
installations in 2009.
• For businesses, bonus depreciation and enhanced "section 179 expensing," both designed
to temporarily encourage business to make capital investments, likely will be headed for
extinction at the end of 2009.
• Education Tax Credits - Qualifying taxpayers can now deduct 100% of the first $2,000
of tuition and related expenses and 25% of the next $2,000 of expenses for the first four
years of postsecondary education.
• Unemployment compensation - First $2,400 excluded from federal taxation in 2009.
• Cash for Clunkers - Excludable for federal tax purposes but potentially taxable in
California.