This is a great article from Estate of Denial discussing why the estate tax is a dumb tax and is a fail in terms of both social and fiscal policy. According to the article, the estate tax actually reduces total federal tax revenue, fails to reduce income inequality and has little to no effect on [...]
Newsobserver.com: “The end is near. The end of the Bush tax cuts that is. Are you ready?
The current tax code allows an estate to pass $5 million per person, $10 million per married couple, tax free. Over that the tax rate is 35 percent. The last time the tax rate [...]
JD Supra reported on a big win for same sex couples as it relates to the estate tax. A recent New York judge held that same sex couples who reside in states that recognize same sex marriage may take advantage of the estate tax marital deduction. According to JD Supra:
CNBC: “If you’re a wealthy American who’s planning to hire an estate or trust attorney later this year, here’s a thought: Good luck. You’re going to need it.
That’s because the transit of Venus of estate planning is passing through, and by the New Year it is likely to be gone.
JD Supra: “Estate planning should be focused on anticipating possible outcomes and structuring your affairs for the tax-efficient disposition of your assets to your loved ones. However, all too frequently we estate-planning practitioners find ourselves working with clients in a reactive situation, trying to salvage an acceptable outcome out of some missed opportunity. [...]
Estate of Denial: “The House Republican freshman class has ratcheted up pressure on Speaker John Boehner to draw a sharp contrast with Democratic progressives and bring full repeal of the federal estate tax — popularly derided as the “death tax” — to a vote on the House floor.
Congressional Republicans, GOP [...]
The Wealth Channel: “Now that the initial shock and surprise resulting from the long-overdue estate tax reform has subsided, there’s been some time to pause and reflect. At first glance, the immediate reaction of many estate planners that I spoke with was that Armageddon had arrived. This certainly is not the case, but [...]
Examiner.com: “If you are currently married with significant assets, you and your spouse have a very limited time to save a lot of money, because after that it’s very likely that Congress will change the rules now in existence and make dying much tougher on your loved ones in terms of federal estate [...]
Sierra Sun: The federal estate tax is levied upon a person’s estate at the time of their death. Currently estates under $5 million are not taxed; estates above $5 million are taxed at a rate of 35 percent. Estate planning now is difficult because we are at a time of real uncertainty about [...]
Investment News: Tax changes that President Barack Obama and Congress hammered out in the final days of 2010 discouraged clients from seeking estate-planning advice last year, even though estate lawyers argue there are many planning opportunities that shouldn’t be missed.
The legislation that set a $5 million estate tax exemption for 2011 and 2012 has [...]
Yuma Sun: Many of us spent our childhood years playing sports and games. An important part of our development was learning the rules. Once we understood the rules, we could develop creative strategies for winning.
When the rules changed, our strategies needed to adapt. Estate planning is no different. Late in [...]
US News & World Report: Because you’ve worked hard to create a secure and comfortable lifestyle for your family, you’ll want to ensure that you have a sound financial plan that includes trust and estate planning. With some forethought, you may be able to minimize gift and estate taxes and preserve more of [...]
Law Firm Newswire: It might not be something your children can pull out from under the tree and unwrap this holiday season, but the gift they may appreciate the most is the gift of asset protection.
“With family as the focus of so much attention during the holidays, it’s a natural [...]
Estate planning attorneys Cecil Smith and Carol Gonnella have written an informative article about the coming impact of federal estate tax laws next year and the year after. The article starts:
“The estate tax laws are in a state of flux, and no one is sure what Congress will do in [...]
Investment News: Politics, the weak economy and low interest rates have combined to create one of the best environments for estate planning in a generation, according to experts. “If individuals are trying to transition assets to the next generation, we currently have a perfect storm — in a good sense — to do [...]
Estate of Denial: I’m sure there’s a lot to be said for rich people, but they sure do consume a lot of resources. I wish they’d leave more for the rest of us. That’s why I oppose the death tax.
The death tax sends a powerful message to rich people: “You [...]
Forbes.com: On September 13, 2011, the IRS released Notice 2011-76, which gives executors of estates of 2010 decedents more time to make an informed decision about whether to stay in the default estate tax regime for 2010 or opt out of the estate tax entirely.
The estate tax was repealed for [...]
Wealth Strategies Journal: The Law of Unintended Consequences generally holds that human conduct will produce at least one unintended consequence over a course of time and during a series of activities or transactions.
Disclaimer: Material is presented here for general information purposes and does not constitute legal or tax advice. The intent of the material [...]
Boston.com: As many people know, if a person died in 2010 they would not have owed any estate tax because the estate tax was repealed for that year. Beginning in 2011, however, the estate tax is back but the exemption has been set at a surprisingly high $5 million.
In previous [...]
Tulsa World: Everybody’s going to die – so why not think about estate planning now and beat the rush?
Even if you’re not wealthy, it’s still important to plan for what will happen to your valuables and property after your death.
All the legal terms you’ll run into along the [...]
The Gilmer Mirror Online: The long-awaited Tax Relief Act of 2010 is providing an unprecedented opportunity through the end of 2012, for everyone-not just the ultra-wealthy-to benefit from short-term tax breaks impacting gifting and estate planning. The Tax Act, which was signed by President Obama in December of 2010, provided a number of short-term [...]
Wills, Trusts & Estates Prof Blog: Twenty-two states and the District of Columbia currently impose a death tax on their taxpayers. These taxpayers have options when it comes to avoiding paying these taxes, however.
One option is to make a large lifetime gift. The current federal law grants taxpayers a $5 [...]
Smart Money: You have to hand it to Congress: It’s doing its best to turn one of the more wearying parts of retirement planning — getting your estate in order — into something of a party. The challenge for you and me is to stay clearheaded.
The Tax Relief Act of [...]
Online Athens: The new estate tax laws have provided a false sense of security for those of us who do not have an estate worth more than $10 million. However, in 2013 we are going to be revisiting the issue of estate taxes all over again as the law sunsets back to the [...]
Wills, Trusts & Estates Prof Blog: As I previously blogged, taxpayers can now convert a 401(k) or IRA to a Roth IRA and give their grandchildren up to $5 million without incurring the generation-skipping tax. However, this tax break may close before 2013 if Congress does not act soon.
Wills, Trusts & Estates Prof Blog: Two changes to the tax code now give investors with large 401(k) accounts the ability to give their grandchildren a tax-free inheritance of $400 million or more. Congress created this estate-tax break in two steps last year…
With the increase of the gift tax exemption to $5,000,000 in 2011, the IRS has been seeking real estate records from different states in an effort to penalize families seeking to take advantage of the increased exemption amount without filing a gift tax return. The Wall Street Journal summarizes a recent failed attempt by the [...]
Wealth Strategies Journal: “But the estate tax repeal did take effect in 2010, and an enormous rift in the transfer tax system opened just long enough for the estates of several billionaires to pass through. Let’s take a look back at 2010.”
Forbes: “The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, P.L. 111-312 (2010 Tax Relief Act), which President Obama signed into law on December 17, 2010, makes significant changes to the gift tax.”
Wall St. Journal: “An elderly client recently asked . . . an attorney . . . whether her children would inherit her considerable estate if she committed suicide this year. His response: ‘I took a long, hard look at her, and said, ‘I’m going to make believe I didn’t hear that question.” Welcome [...]