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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What The Wealthy Should Consider Because Of The Higher Estate Forbes
What The Wealthy Should Consider Because Of The Higher Estate Forbes The new tax law is highly advantageous to the wealthy in numerous ways. By reexamining and reworking their estate plans, many of the wealthy will be able to use some highly cost effective solutions to ensure their loved ones will get meaningfully more and more raquo

Maryland Democrats Unveil Bills To Offset Changes In Federal Tax Law Washing...
Washington Post Maryland Democrats unveil bills to offset changes in federal tax law Washington Post Maryland, which currently taxes inheritances greater than 4 million, would lose as much as 60 million a year if it uses the new federal threshold, according to Del. Jimmy Tarlau D Prince George39s, the bill sponsor. Progressives have tried Maryland leaders will pitch dueling plans for state tax relief Baltimore Sun Democrats propose 1B in Md. tax relief, plus estate tax changeMaryland Daily Record Maryland state lawmakers roll out response to Trump tax law TheHillThe Hill Delmarva Daily Times Herald Mail Media Frederick News Post all 15 news articles raquo

New Estate Tax Law Gives An Enormous Gift To Rich Families CNNMoney
CNNMoney New estate tax law gives an enormous gift to rich families CNNMoney Should the new estate tax provisions expire as scheduled after 2025, the exemption levels will revert to where they would have been if the federal tax overhaul never passed. So, after accounting for inflation, that likely means they39ll be somewhere 5 Questions To Ask Your Estate Planner After The New Tax LawForbes New estate tax law gives an enormous gift to rich families Honolulu KITV Honolulu all 4 news articles raquo

Seven Things Estate Planning Clients Should Know About The New Tax Law Lexology
The Reflector Seven Things Estate Planning Clients Should Know About the New Tax Law Lexology The new Tax Cuts and Jobs Act was signed into law on December 20, 2017, and became effective January 1, 2018. Although the new law includes only a few changes to the estate, gift, and generation skipping transfer GST tax laws, those changes could Tax reform and estate planningPauls Valley Daily Democrat The Tax Cuts amp Jobs Act39s Impact on Elder Law amp Estate PlanningGreater Wilmington Business Journal Smart tax moves for seniorsThe Reflector Mondaq News Alerts TAPinto.net Dickinson County News all 89 news articles raquo

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Facts of Law explaining what is the estate tax

Facts of Law - What Is Estate Tax