Potential ‘death tax’ increase makes 2013 a very bad year to die

Daily Caller ^ | 07/22/2012 | Christopher Bedford

[goodnesswins]

Sounds like it to me....also, looks as though there is a tax of 35% after $1 million.....(they just couldn’t get it all in the headline)

[roadcat]

I'm thinking the $5 million is lifetime and the $13,000 is annual.

$13,000 per individual. So a couple can give $26,000 to someone per year, tax free. Best to spread it around before you die, to children and grandchildren, and if so inclined to friends. So it doesn't go to some homie in Chicago. Also pick up the tab for dinners and other expenses on a regular basis - it won't be seen or noted by IRS and is acceptable. Better that it goes to those you love, while alive, than to be recklessly stolen by the government after you die and deprive loved ones of the money.

[beaversmom]

LOL :)

[beaversmom]

The 401K early withdrawal penalty is going from 10 to 20 percent too.

[SeekAndFind]

If I was rich I long ago would have beat feet out of the US, the land of the free has turned into a nightmare of taxes and regulation that is killing small businesses. Sad what we’ve let happen.

[SeekAndFind]

RE: You have until December 31st 2012 to gift your children tax free up to 5 Million tax free.

Don’t forget this — INDIVIDUAL STATES HAVE THEIR OWN VERSION OF THE DEATH TAX TOO.

Some don’t, some like New York DO (in addition to the Federal death tax ).

Check with your accountant or lawyer.

[Tau Food]

While the tax would only affect 2 percent of the American population,

They should repeal this tax. They should at least raise the amount of the exemption.

[SeekAndFind]

RE: They should repeal this tax. They should at least raise the amount of the exemption.

GET RID OF IT. It only causes more grief to the bereaved and massive family problems ( especially to small businesses ).

Romney promises to get rid of it totally, Obama wants to keep it. There’s one huge difference right there.