Estate Planning

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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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Trump And Republicans Just Agreed To Gut Your Property Tax Break NJ.com
NJ.com Trump and Republicans just agreed to gut your property tax break NJ.com WASHINGTON Congressional Republicans agreed Wednesday to gut a major tax break for middle class families especially those in New Jersey while giving wealthy Americans a bigger tax cut. The plan would take aim at the federal deduction for your Here39s Where the GOP Tax Plan Stands Right NowBloomberg The Republican tax bill that could actually become law, explainedVox Key details revealed in Republican tax dealCNN Reuters New York Times all 2,042 news articles raquo

Sources Shade Estatetax Opinion The RegisterGuard
Sources shade estate tax opinion The Register Guard All a reader need know about Steve Swanson39s piece decrying estate taxes Estate tax affects more than just the wealthy, Dec. 14 is his sources, which include former Fox News analyst Stephen Moore now with the Heritage Foundation and the Tax

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Markets Insider Americans are about to lose a tax deduction worth over 500 billion every year here39s what to do now before the Markets Insider Deducting the full amount of your current property tax bill in 2017 might provide an even larger tax benefit if your tax rate goes down next year under the new plan, according to the experts at TaxAudit, an audit defense service. For some, it might and more raquo

Federal, DC And Maryland Estate Tax Exemptions Increase For 2018 WealthManag...
WealthManagement.com Federal, DC and Maryland Estate Tax Exemptions Increase for 2018 WealthManagement.com For 2018, the federal basic exclusion from gift and estate tax is 5.6 million, which is a 110,000 increase from the 2017 basic exclusion amount.2 The annual gift tax exclusion increased by 1,000 to 15,000 per donee for 2018, and the annual

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Facts of Law explaining what is the estate tax

Facts of Law - What Is Estate Tax