A new estate tax reform solution has been proposed by Sen. Bernard Sanders, Tom Harkin and Sheldon Whitehouse billed the Responsible Estate Tax Act. According to Steve Leimberg, this newest estate tax proposal is structured as follows:
Exempt the first $3.5 million of an estate from federal...
Tracking Report S 3533
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Bill Tracking Report
111th Congress, 2nd Session
2010 Bill Tracking S. 3533; 111 Bill Tracking S. 3533
BILL TITLE: No...
Why is there an estate tax at all? An interesting article in The Nation " The Plutocracy Prevention Act" explores the ideological underpinnings of the enactment of the federal estate tax in 1916.
A century ago this summer, Theodore Roosevelt gave his remarkable "New Nationalism"...
Wall Street Journal article proffered several points in support of the estate
tax. In response, a Forbes.com blog provided several counterpoints. Below is a
brief overview of the points and counterpoints.
For the Estate Tax:
1. Exemptions and deferred payment rules protect small...
The failure of Congress
in allowing the federal estate tax exemption to expire in 2010 has created
chaos with many client estate plans. While the unlimited estate tax exemption
has been a windfall for beneficiaries of wealthy individuals who pass away in
2010, it has also resulted in many marital...
The LexisNexis Estate Planning and Elder Law
Community continues to provide you with further information regarding the estate
tax debate. As part of our ongoing coverage of this issue, we have compiled some of the points in favor of and
opposed to the estate tax.
Related post: Point/Counterpoint...
all been reading about estate taxes lately. On January 1, 2011, the Bush tax
cuts will expire so we'll be back to the pre-2001 system unless Congress gets
their act together soon.
your clients might not realize, and what Ashlea Ebeling talks about in her
recent Forbes.com blog...
So Dem and GOP appear to all agree to extend this years income tax rates to next year - avoiding a jump in income and capital gains taxes when the ball falls on New Years Eve. This has been greeted with great fanfare in the press and an apparent sigh of relief and an attitude of "well, that's...
The Wall Street Journal reports that the Senate is sending out legislation to allow estates of people who died in 2010 to choose EITHER the 2010 1022 basis election OR the 2011 estate tax laws, which are currently proposed to be a $5 million exemption per person and 35% estate tax.
While there is no estate tax in 2010, there is still a tax form to be filed with the federal government in relation to the estates of people who died in 2010. As discussed in greater detail here , where a person has died in 2010 their executor has an opportunity to allocate $1.3 million to the basis...
The new estate tax legislation proposed by Sen. Reid (D. NV) contains some pleasant surprises for wealthier Individuals.
First, as expected, it proposes to raise the estate tax exemption amount to $5 million per person with a maximum 35% estate tax rate for the next 2 years.
Additionally, the proposed...
The long-awaited legislation concerning the estate, gift, and generation-skipping transfer taxes has been passed by both houses of Congress, and signed into law by the President. The legislation is known as the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. Here is a...
The 2010 Tax Act changes the landscape of gift, estate and
generation-skipping transfer tax planning, at least until the new law is due to
sunset at the end of 2012. For New Yorkers, however, the application of state
estate tax law has to be considered along with the federal transfer tax laws.
As a result...
If you follow this blog, you know that New Jersey is the most expensive state to die in . In an effort aimed at changing that distinction, Governor Christie in his budget proposal has recommended increasing the New Jersey Estate Tax Exemption Amount from $675,000 per person to $1 million per person....
The Tax Relief
Unemployment Insurance Reauthorization and Job Creation Act of 2010 reinstated
the estate tax and stepped-up basis rules and repealed the modified carryover
basis rules for the estates of decedents dying in 2010. In this Emerging Issues
Analysis, Diane L. Mutolo discusses the return of...
The new Ohio budget signed into law on June 30, 2011, repeals Ohio's estate tax , effective January 1, 2013. (The current Ohio estate tax imposes a 6% rate on estates of $338,333, rising to 7% on estates over $500,000.) Twenty-two states (plus the District of Columbia) currently impose an estate...
By Darin Christensen
On June 28, Governor Kitzhaber signed a bill that will replace
Oregon's inheritance tax with an estate tax. The estate tax is similar
to the former inheritance tax, but has several substantial differences
and provides some planning opportunities.
The proposal from the White House includes:
Income surcharge for high income earners - basically a 55 surtax on Adjusted Gross Income in excess of $500,000.
Repeal high-income tax cuts in 2012 as opposed to 2013.
Retained Annuity Trusts (GRATs) - minimum 10 year term for these...
On January 10 th , PricewaterhouseCoopers hosted a
webinar pertaining to potential tax legislation in 2012. The panelists
concluded that, despite a number of tax provisions that will expire, a
huge deficit, and a continuing clamor for significant tax reform, it is
unlikely there will be major...
Hi Y'all. I'm back. Sorry for the big break in posting. I'll try to do better.
In this election year, I haven't heard that much talk about the estate tax - or as the Republicans like to call it, the "Death Tax." As I've written about before, the estate tax is imposed...
In a case that began with a claim for a refund of estate taxes paid, Judge Barbara S. Jones of the Southern District of New York ruled that the Defense of Marriage Act (DOMA) is unconstitutional under the Equal Protection Clause of the 5th Amendment.
Edie Windsor and Thea Spyer were a couple for over...
Dear Liza: My brother and I are dual citizens (Japan and US). We both reside in the US. Our Japanese mother recently passed away. She had some cash/ stock/ annuities/ mutual funds in the US, and some property in Japan that we will inherit jointly, with no disputes. She has a social security number and...
By John G. Farinacci, Esq.
Ruskin Moscou Faltischek, P.C.
We know that estate taxes are to be paid in the manner of a testator's choosing, but if the testator fails to make that choice, then estate taxes are "equitably apportioned among the persons interested in the gross tax estate."...
By Liza Weiman Hanks |
Dear Liza: My long term domestic partner of 30 years and I were registered domestic partners for a few years and then she decided she wanted to be totally financially independent of me so we terminated the agreement last year. We are still together as a couple and live five...
President Obama’s $2.9 trillion budget for the 2015 fiscal year includes several tax increases, particularly on the wealthy, to pay for increased spending without increasing the deficit. One increase that will not be widely reported pertains to "Crummey" power limitations. (I am limiting...