It's perfect! Much better than Democrat!
Posted on 12/03/2009 11:51:04 AM PST by MaestroLC
The House votes 224-199 to cancel a one-year repeal of the estate tax, set to begin next month, and instead permanently extends the current tax, with a top rate of 45 percent on estates larger than $3.5 million.
It would seem better to have the asset in a non-taxable fund rather than in taxable assets, whether I have less than 3.5 or more.
They are popping champagne corks at ADM and Cargill tonight. This ensures that any remaining family farm operations still hanging by a thread at this point get sold off by the end of the year.
The pols will always need a place to put their money.
And what tax planning strategies are incorporated into your will?
LegalZoom.com does not only do Wills. They also do estate planning and setting up Trusts.
OK, which ones did you use?
If you are interested in the services provided by LegalZoom check them out for yourself.
But for someone worth close to $3.5 Million to plan his own estate is about as clever as performing his own heart surgery.
It is not simple. Each estate needs to be analyzed and other issues like capital gain exposure factored in.
If you’re in a high death tax state or have substantial capital gains exposure that simply dieing won’t solve, then, similarly, it would be a mistake to save money by avoiding competent tax advice.
It's perfect! Much better than Democrat!
Exactly. My former employer owned the building her business and two other businesses were in, her small, older home and her car plus whatever her investment portfolio was. It all had just enough value that her daughter was going to have to pay the death tax, although she wouldn’t be able to afford it, because there wasn’t a lot of cash.
The injustice is that taxes have already been paid on most of anyone’s estate and then the whole is taxed yet again.
If a parent leaves an insurance policy of $3.5 Million or more, the gov. takes 45% of the money.
If a parent leaves a small business worth $3.5 Million or more, the gov. takes 45% of the value of the business?
Am I understanding this correctly?
GRAVE ROBBERS!
LOL. I was planning on dying next year with no estate tax. Now, I’ll have to reschedule.
They are begging to lose.
so if an estate has 3.5M the feds take 45%. How much do they take if it is 3.4M?
Please remember that for a couple the figure is $7 million. How many family farms and family owned businesses are worth more than $7 million? Also, I believe when one spouse dies, the value of the real estate portion of the estate is set at the value it has on the day of death. If one then sells the property, no capital gains is paid on the run up before that person’s death. I am not clear on what happens to the value if the surviving spouse does not sell.
What is clear is that they very stupidly hav failed to put an inflation clause in the legislation, so we need to pressure the Senate to include than so we don’t end up with a big mess like the Alternative Minimum Tax. Dems have a clear majority in the Senate, so this aspect is the best chance we have to save a lot of suffering in the future.
In the late 1950’s, Social Security installed a one time death benefit of $255. This was intended to cover a basic funeral, and/or provide a couple of months financial cushion upon the death of a breadwinner. No provision for inflation was included, so here at least 60 years later we are still getting only $255 when our spouse dies. That figure should also be updated to present realities along with an inflation clause. Tell your Senators and Representatives.
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