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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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Higher Estatetax Exemption Level Could Mean Less Work For Advisers Investmen...
InvestmentNews Higher estate tax exemption level could mean less work for advisers InvestmentNews According to the most recent data from the Tax Foundation, just 1,452 filers were hit by the estate tax in 2012 when the exemption level was at 5.1 million for a single taxpayer and 10.2 million for a married couple. The estate tax, which was Tax Reform and Charitable Estate Planning: Glass Half Empty or all 10 news articles raquo

Life Insurance In Todayaposs Estate Tax World Wealth Management WealthManag... Life Insurance in Today39s Estate Tax World Wealth Management As might be expected, I39m getting more calls lately from advisors, on behalf of their clients, asking what should be done about life insurance no longer needed for estate liquidity purposes. I generally answer the same way every time: Let39s evaluate and more raquo

Why EstateTax Changes Wonapost Diminish Clientsapos Philanthropy Wall Street...
Wall Street Journal Why Estate Tax Changes Won39t Diminish Clients39 Philanthropy Wall Street Journal The logic: Individuals with estates that exceeded the previous exemption of 5.5 million often used giving as a way to reduce the size of their taxable estate. Now that the exemption is higher, they39ll no longer feel compelled to use giving as a tax

Tax Attorney Mark Klein: AposI Find Myself In Many Cases Being A Life Coachap...
Buffalo News Tax attorney Mark Klein: 39I find myself in many cases being a life coach39 Buffalo News But New York State has 5.2 million, and you don39t get to double it for a married couple. So if I die and I give everything to my wife, she could die with 22 million with no federal tax. New York doesn39t have portability. It says if I had 10 million and more raquo

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Facts of Law explaining what is the estate tax

Facts of Law - What Is Estate Tax