Files reveal Heinz Kerry wealth

Kansas City Star ^ | 4/2/05

[KidGlock]

$41 million in federal estate taxes

NINE PERCENT inheritance tax? I didn't know that was in the federal tax code.

[Loyal Buckeye]

Actually, the estate taxes of $41 mil. seems low in comparison to the size of the estate. I wonder how he shielded the estate from higher taxes?

In the spirit of full disclosure, I think someone should track down the Kennedy money and how Joe's estate was set up to avoid estate taxes. I would be shocked if Teddy is not the beneficiary of some generation skipping trust set up to avoid estate taxes.

[1FASTGLOCK45]

What a waste of money, Sen Heinz may as well have burned all that money up in a pit instead of giving it to a brainless puke like kerry and tereeza, not like he had a choice in the matter.

[arichtaxpayer]

Dumb question here---as a wife, wouldn't Theresa be a co-owner of his assets??? Why did she have to inherit the estate?

[KidGlock]

It is low.

That's my point.

In 1991, IIRC the inheritance tax was over 50 percent. Why aren't the liberal rich paying their fair share?

[DustyMoment]

NINE PERCENT inheritance tax? I didn't know that was in the federal tax code.

Did you miss the whole "Death Tax" debate a few years ago? The Dems finally agreed to suspend it for 10 years as part of Bush's tax cuts. This is now part of the debate about making his tax cuts permanent.

Oh, and just so you know, 9% is extremely low. The average is 50%.

[proxy_user]

This is probably because money left by a husband to a wife was not subject to estate tax in 1991. There should not have been any tax at all.

The problem must have been with the trusts, which are separate legal entities.

[bill1952]

Perhaps a dumb answer, but I do believe that if her name was not on those asserts, then there isn't co-ownership, and the courts decide.
I don't know about different state laws though.

[mtbopfuyn]

Guess he had a crooked good tax shelter advisor. Too bad the rest of us don't have the money to buy that sort of protection.

[bill1952]

Moral of the story, at least for us smaller fish, is to die broke, and have the last check that you write bounce!

[OldFriend]

I believe assets owned jointly are not taxed.

[OldFriend]

So it would make you happy if they paid more taxes to the government?

[Erik Latranyi]

The Pittsburgh Tribune-Review and the Pittsburgh Post-Gazette sought the will and 10 other documents when Kerry ran for president last year...

Don't you just love a judiciary that protects candidates until AFTER the election?

[digger48]

Did I somehow miss this story SIX MONTHS AGO?

[proxy_user]

It doesn't matter how the assets were owned. There was simply no estate tax between husband and wife. They called it the 'unlimited marital exemption'. Just so long as you leave all your money to your spouse, you're home free.

And if the spouse subsequently married, the money could be passed on tax-free again.

[Samwise]

Moral of the story, at least for us smaller fish, is to die broke, and have the last check that you write bounce!

"I'm glad I'm broke so the relatives won't have anything to fight over when I die."

--my favorite aunt

[digger48]

And if the spouse subsequently married, the money could be passed on tax-free again.

John F'n follows the Shiavo story with great interest.

[OldFriend]

GOOD!

[KidGlock]

But they did pay $41 million in estate taxes. What was that for?

[proxy_user]

Porbably the trusts. They are a separate legal entity, and were not part of John Heinz' personal wealth.

They were probably a 'tax shelter', that is, a tax-deferral scheme. But eventually, the deferral runs out, particularly if there is an unexpected, premature death.