Forbes: “Any Momma who would ride the rails . . . probably isn’t worth shoving to a grisly demise. It’s the Mommas flying on their private jets who need to pack parachutes or watch their backs. Without a doubt, the one- year lapse in the federal estate is a boon to heirs [...]
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WebCPA: “with the passing of Boss George Steinbrenner, there may soon be even more reason to loathe the Bronx Bombers and all they stand for. The reason here isn’t some new ace pitcher they bought from another team, but rather the estate tax law.” Two stories in which the author’s speculate on what Congress will do about the federal estate tax. The first is “Be prepared for return of estate tax” which states “There’s never really a bad time to do estate planning. But in the months ahead, you may have an extra incentive to look [...] The New York Post has a story on the late Yankee owner George Steinbrenner’s last will and testament that was recently filed in a Tampa, Florida, probate court. The big question for the estate is whether Congress will enact a retroactive estate tax that applies to people like George Steinbrenner who die [...] Colorado attorney Lew Dymond, one of my favorite estate planning mentors, posted an article on the WealthCounsel blog about the consequences of the expiration on January 1, 2011, of the “Economic Growth and Tax Relief Reconciliation Act of 2001,” aka EGTRRA. Phoenix Business Journal: “When Congress returns in September, it will have four months to do what it has failed to do in the past nine years: fix the absurd situation it created for the estate tax.” Wealth Strategies: “[Dan] Duncan’s estate has been estimated by Forbes to be worth $9 billion. For those keeping track of such things, Duncan was ranked the 74th wealthiest person in the world. If he had died in 2009 with a top estate tax rate of 45% in place, his estate might have [...] ProducersWeb: “Beginning in January and through the end of December of 2010, there is no Generation Skipping Transfer (GST) Tax, unless Congress changes the law in the meantime. The GST tax was part of the temporary repeal (one year) of the estate tax, which automatically expires at the end of 2010. Starting [...] The Heritage Foundation: “2010 is the only year since 1916 in which heirs to an estate will not have to pay the dreaded death tax. Victory for small businesses? Not yet—due to a legal quirk, the death tax is scheduled to come back to life in 2011. Studies, statistics, and real life [...] The Probate Lawyer Blog: “there’s another quirk about the estate tax law that makes it even less likely that the Steinbrenner family will ever sell the team. The estate tax loophole has a catch. In 2010, heirs of the very wealthy do not get to enjoy a typical tax savings called “step-up in [...] Wall St. Journal: “Did George Steinbrenner save his heirs millions by dying in 2010? Forbes recently estimated the Yankees owner’s net worth at $1.1 billion, largely from the YES network. The New York Yankees, which he acquired in 1973 for $10 million, are now worth $1.6 billion but are 95% leveraged due [...] Wall St. Journal: “The estate tax is set to come roaring back in January. That sets the stage for a perverse calculus: End it all—or leave a massive bill for your heirs to deal with. It has come to this: Congress, quite by accident, is incentivizing death. When the Senate allowed the [...] Forbes: “The federal estate tax is coming back . . . . Act now to protect your family’s assets. The federal estate tax lapsed on Jan. 1, 2010. But under current law, it will rise from the ashes on Jan. 1, 2011, and at that point–unless Congress intervenes–only $1 million per estate [...] Taxanalysts: “Senate Finance Committee member Jon Kyl, R-Ariz., said June 10 that he is ‘pretty close’ to gathering the 60 votes needed to pass a bill that would establish the estate tax at a 35 percent top rate with a $5 million exemption level.” Forbes has an excellent article that discusses the problems caused by the current estate tax law and possible ways to deal with the uncertainty. Financial Advisor: “Estate tax audits by the Internal Revenue Service are as aggressive as ever, and maybe even more so, despite the uncertain fate of the federal tax on estates of the wealthy. The tax agency is challenging the way assets are valued . . . . The average amount of additional [...] Forbes: “Worst case for wealth transfer: a $1 million exemption, plus a crackdown on planning techniques [such as GRATs]. Next year many more families may need to worry about federal estate tax and at the same time could have fewer ways to minimize its bite. . . .Some of the changes that [...] For an excellent discussion of the recent history of the federal estate tax, where it is today and where it may go in the future, see the Columbia Law School Magazine article by Daniel Gross called “The Estate Tax Mess.” “The so-called ‘death tax’ on estate transfers was repealed at the start [...] The failure of Congress to deal with the repeal of the federal estate tax before 2010 and the impact of new estate taxes and generation-skipping taxes beginning January 1, 2011, has created great uncertainty and confusion for wealthy Americans and their tax advisers. A 51 page article entitled “Estate Planning In Uncertain [...] Bloomberg: “Lobbyists for small businesses, construction companies, manufacturers and other trade groups are racing the clock to convince Congress to reinstate the federal estate tax they’ve fought for years to abolish. The National Federation of Independent Business and more than 40 business organizations wrote Senate and House leaders last week asking for [...] New York Times: “The estate tax isn’t dead. It’s resting. The tax has been eliminated for 2010, but the estates of people who die before the year is out may still not pass free and clear to their heirs. The complexities of the tax system and the likely return of the estate [...] Wall St. Journal: “Congress shocked everyone by letting the estate tax lapse on Jan. 1. Now, here is the real stunner: For many, the lapse actually will raise taxes.” The Hill: “Senate leaders are working on an estate tax deal to make it easier to move a bipartisan jobs bill. The deal discussed by Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) involves moving an estate tax bill through the Senate that would prevent a huge [...] A video from The Heritage Foundation called “The Death Tax Burden on American Business.” See also “Death Tax: Time to Kill It Forever.” I benefit from the death tax because I am an estate planning attorney who charges $3,500 to prepare an estate plan with a trust that will maximize federal estate [...] Forbes: “While the federal estate tax has temporarily lapsed for 2010, 19 states still take a bite out of their residents’ estates. Although Congress has let the federal estate tax lapse for 2010, your estate might still be subject to a state levy at your death. The feds are trying to work [...] Investment News: “With the federal estate tax law having lapsed — and no sign that Congress is planning to address the issue anytime soon — a growing number of states are taking matters into their own hands. Lawmakers and estate attorneys in the District of Columbia and at least 13 states, including [...] msSAnews.com: “A jury here decided Friday that Wells Fargo Bank and the Baker Botts law firm breached their fiduciary duties to Kathleen Cailloux in estate-related work in 1997, and set her damages at $65.5 million. . . . The dispute centered on an estate plan crafted in the wake of the January [...] Steven Colbert has advice for people concerned about the federal estate tax. www.colbertnation.com
New York Times: “DEATH and taxes, the adage goes, are the only certainties in life. But when it comes to the combination of the two, the estate tax, there is only uncertainty for 2010. Most tax advisers thought that Congress would extend the estate tax before it was due to expire at [...] Oregonlive.com: “Plenty of gallows humor got bandied around when it became clear late last month that, amazingly, Congress was going to let the nation’s estate tax lapse. Whether any enfeebled people really were kept alive until 2010 to save their fortunes from taxation . . . . But the resulting vacuum [...] |
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