Curiosity and excitement are always to be expected in an election year—especially curiosity about taxes. We all know that each presidential candidate has very different philosophies about where the tax burden lies, how much should be paid, and by whom; but all most of us really want to know is how the implementation of each… Read More »
Posts Tagged: estate tax repeal
How to Prepare for Dismaying Changes to Estate Tax Law
This may seem like we’re listening to a broken record, but once again Congress’ inability to act is creating uncertainty in the estate-tax-planning world. We’re little over 3 months away from a major upheaval in the estate tax, and according to the New York Times the upcoming law is likely to cause a lot of… Read More »
Planning to Live Through the 2010 Estate Tax Repeal? You Can Still Save on Taxes
It is common knowledge that 2010 is a great year for heirs. If you didn’t know about the 2010 estate tax repeal, all the media coverage of George Steinbrenner’s recent death (and his heirs’ lucky tax break) probably alerted you. Everybody is saying that 2010 is a good year to die… But what about those… Read More »
Not Just Estate Tax Anymore
Anyone who has been following our blog knows that the expiring Bush tax cuts (including the repeal of the estate tax this year and the tax’s reinstatement next year) have given lawmakers no end of trouble as they struggle and debate—and debate and struggle—to agree on new tax legislation moving forward. In fact, The Wall… Read More »
No Estate Tax Means No Need to Plan, Right? . . . Wrong.
Since the estate tax was repealed at the beginning of this year many people have rejoiced in the thought that there’s no need to create an estate plan. While it may be true that for the moment, at least, your assets don’t need to be protected from outrageous estate taxes, there are still a number… Read More »
Will Billionaire Steinbrenner’s Death Inspire Congress to Reinstate the Estate Tax?
Common superstition says that famous deaths come in threes, but the death of New York Yankees owner George Steinbrenner on July 13 makes four billionaire deaths in 2010. It’s hard to deny the significance of such events in a year when there is no estate tax. According to the Associated Press Steinbrenner’s family is set… Read More »
More News About the Repealed Estate Tax
Six months into 2010 and the estate tax repeal is still making news. This time it’s a story about Texas billionaire Dan L. Duncan who died in March, leaving all of his billions to his spouse, family and various charitable organizations… and none to the government: “Had his life ended three months earlier, Mr. Duncan’s… Read More »
Recent Deaths Bring Home the Consequences of No Estate Tax in 2010
There was too much confusion to be much rejoicing when the estate tax was repealed for a year on January 1st, 2010. Although the words “no estate tax” may sound good, nobody really expected the state of affairs would last. Most experts believed that Congress would never actually let it happen in the first place;… Read More »
Keep Your Estate Safe in 2010
Now that it’s 2010 and congress has failed to take action regarding the repeal of the estate tax, we see a lot of articles discussing whether the lack of taxation for a year is a good or bad thing; sometimes these articles go even further, arguing whether estate tax in general is a good or… Read More »
Estate Tax Repeal Creates Dilemma: Some Spouses May Now Be Left Out in the Cold
With the New Year has come a dramatic change in the estate tax: for persons dying in 2010, there is suddenly no estate tax no matter how large the decedent’s estate. Although that may sound good, you had better think again. Many couples set up their estate plans years ago on the assumption that at least… Read More »