Estate Planning

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Facts - Books - News    U.S. Facts Of Law:


Estate Tax

Estate tax is also known as the "death tax".  It is a regressive tax on the estate of a deceased person above a certain exempted amount.  Currently the exemption for the federal estate tax is two million dollars but in 2010 it will be suspended all together for one year.  It is scheduled to resurface in 2011 with an exemption of one million dollars.  Many States also impose an estate tax.

Financial assets payable or transferable upon death along with life insurance benefits, if the deceased owned the life insurance policy or if it was payable to the estate, are included in the total assets of the estate for tax purposes.  However, charitable contributions by the estate can be used to reduce the taxable amount of the estate.

The estate tax rate adjusts slightly year to year but hovers right around 50% on the taxable amount of an estate.  It is believed by sane people that this tax should be abolished.  It destroys small family businesses when the primary owner of the business dies.  For instance, a family owned business started and owned by ones father worth $5 million and earning a reasonable $400,000 yearly would create an estate tax burden of at least $1.5 million.  If the father owned other assets such as a $500,000 home, another $250,000 in estate taxes would be owed.  Few families in business for themselves are able to make a $1.5 million to $2 million dollar sudden payment without selling their father's business and, thus, putting themselves out of business.

Unfortunately, many in Congress cannot control their penchant for large spending bills and prefer to tax the heck out of Americans rather than reign in their spending appetite.

 

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Itaposs A Great Time To Be A Wealthy Heir After Trump Tax Overhaul Bloomberg
Bloomberg It39s a Great Time to Be a Wealthy Heir After Trump Tax Overhaul Bloomberg The new law doubles the amount that can be passed to heirs without worrying about estate and gift taxes, to about 22 million for a married couple. But the thresholds are in place only until 2025, and the ultra rich are turning to a key toolthe

Despite Tax Law Changes, Planning Still Important Wallaces Farmer Wallaceap...
Wallaceaposs Farmer Despite tax law changes, planning still important Wallaces Farmer Wallaceaposs Farmer Legal Issues: Families wonder if planning is no longer needed since federal estate tax exemption has been raised. and more raquo

New Inheritance Tax Disclosure Regime Lexology Lexology
New inheritance tax disclosure regime Lexology Lexology Inheritance tax planning just got a whole lot more complicated. New rules for the Disclosure of Tax Avoidance Schemes DOTAS came into effect for and more raquo

Who Pays Inheritance Tax On An Annuity NJ.com
NJ.com Who pays inheritance tax on an annuity NJ.com You are correct that the date of death valuation your annuity needs to be listed on line 13 of the NJ Inheritance Tax form IT R, which is for assets left to Class D beneficiaries, said Andrew Novick, a certified financial planner and estate planning

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Facts of Law explaining what is the estate tax

Facts of Law - What Is Estate Tax