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.
Thanks. Actually I'm stunned these socialist dems are allowing estates to have 3.5M as an exemption and not confiscating it.
For my money, the best retirement program is indexed universal life insurance. But it's not a retirement program. It's insurance, that if structured properly in accordance with IRS regs you can use as retirement. So how would your CPA or mutual fund manager tell you about it when they don't know about it or don't offer it?
No I'm not an insurance agent or a CPA. I'm just a guy who decided in his retirement he would find out what was best and recommend it to his clients. After the last few years, people are bailing out of the stock market and looking for something better; something which will be there when they are ready to retire. I believe this is the best I have found. If you know something else, let's have it.
“Life insurance policies payouts are tax-free, since they are legally and financially considered an “equal value replacement”.
you do not know your ass from a hole in the ground.”
Well since you are not brave enough to post statements like the above on the forum, but have to do it in secrecy of mail to my acct, it tells me what kind of sniveling asshole you are. Life insurance payouts become part of the the estate .... anything over 3.5 million is taxable.
read the tax law .... care to reconsider??? Not not smart enough ... send more emails in private, that way no one else can see what you are.
LOL.
I’m an Art Historian and know lots about art but darn little about insurance. We’ll see this coming year about my dad’s taxes.
Oh, yeah, do you own any oil paintings by Caravaggio? I guarantee they are worth millions!
If your policy is payable to your estate, the death benefit is part of your estate, even though the beneficiary does not have to pay income tax on the proceeds. A modest estate, seemingly below the taxable minimum of $1.5 million (in 2005; $2 million in 2006-2008 and $3.5 million in 2009), can easily leap well past that point in size when insurance policy proceeds are counted.
To avoid having life insurance death benefits included in your taxable estate, you can transfer ownership of the policy to another person or trust.
If your dad wants to see a tax-free program that he can draw from tell him to call Old Mutual or find an Old Mutual Agent. I have one I refer clients and my family to, but she’s in soCal and I think only is licensed in California IIRC. And no I don’t make money off of the referrals.
all the more reason to spend every last dime before you die... screw the kids! I got mine, they can get theirs!
that is very true, ownership can be transferred and it is generally irrevocable and often goes to a trust or another separate identity.
But that is not what I was attacked about .. LaMudbug like many are under the misconception that Life proceeds are totally tax free. Unless onwership is xsferred as you say, the proceeds are another asset to an estate.
At one time it was not a big deal, even when the ceiling was 1.8 million instead of the 3.5 million now. But that was before IRA’s and 401 k’s came into being ... many retired under a defined benefit plan.
You can draw tax free from an IUL policy for up to 45 years if you structure the policy in accordance with IRS regs. However, you are correct about the beneficiaries based upon the value of the estate. Most people don’t have an estate of 3.5 million.
There are ways to pay no estate taxes.
we call this a tax hike
Commie reptilian bastards.
They had to wait until Ted Kennedy died.
Don’t want any of his Heirs to suffer like the little people you know.
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
Thanks for the ping!
If I understand correctly what I was hearing today, it is 45% of the excess over the $3.5 million, or $7 million in the case of a couple. I would like more information on how the government deals with the $7 million if the couple dies at different times.
**Where TF did they get the idea that they’re entitled to the fruits of our success at this level?**
Karl Marx ...only he wanted ALL OF IT!!
I believe it was Marx.
Especially the DIM-oc-RATS want the fruits of YOUR labor to fund their redistribution plans. Morons! Freaks! Vote the out! Vote them out!
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