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