President Obama’s recent Republican-friendly tax proposal has riled many Democrats. The deals are still far from being made. As CNN recently pointed out, and Bloomberg called before the fact, the estate tax could be the un-hitching point, as it is becoming the focus of disgruntled Democrat attention. The Obama plan offers two benefits for those planning their estates: First, it appears to be the light at the end of the tunnel: we finally have a plan that might actually be put into place, so we can stop asking, “What’s going to happen in 2011?” Second, and this may be…
As you probably know by now, President Obama dropped a bombshell last week with his Republican-backed, compromise tax proposal. It’s not yet law, and is likely to face stiff political opposition, but the results are so far-reaching that it’s worth outlining the bold points of the proposal. (To read more, The Associated Press has a good run-down of the highlights.) The centerpiece of the proposal is the extension of all Bush-era tax cuts for two more years, and this includes the wealthiest tax brackets, with the addition of special programs and incentives to help the average and low-income taxpayer….
President Obama on Tuesday strongly defended his tax cut deal with Congressional Republicans against intense criticism from his own party, insisting it was “a good deal for the American people” states the New York Times “I’ve said before that I felt that the middle-class tax cuts were being held hostage to the high-end tax cuts,” Mr. Obama said. “I think it’s tempting not to negotiate with hostage-takers, unless the hostage gets harmed. Then people will question the wisdom of that strategy. In this case, the hostage was the American people, and I was not willing to see them get harmed.”…
As you may know by now, the Federal Estate Tax lapsed in 2010 and Congress has not yetdecided what to do about it. I ran across another good end-of-year planning article, written by Robert Wood for Forbes. I think his tips are worth repeating here. 1. Remember that, even though there is no estate tax this year, executors for estates valued atmore than $1.3 million still must file an “informational” return with the IRS.2. While some (morbid) people are referring to this as “the year to die,” it is perhaps moreimportantly “the year to give.” The Gift Tax is still…
From the following blog http://mhs.typepad.com/threepointfive-45/dying-free-of-the-federal-estate-tax-billionaire-deaths-in-2010.html Billionaire Fortune Date of Death Estimated Net Worth (from Forbes billionaires, 3/10/10) Mary Janet Cargill inherited, Cargill Inc. February 5, 2010 $1.7 bil Dan L. Duncan self made, energy March 28, 2010 $9.0 bil Walter Shorenstein self made, real estate June 24, 2010 $1.1 bil (with family) George Steinbrenner self made, Yankees July 13, 2010 $1.1 bil John Kluge self made, Metromedia September 7, 2010 $6.5 bil
With congress in post-election turmoil and heavy ideological difference at stake, there are many things that we simply can’t yet know and this makes planning both essential and baffling.
The number of opposite-sex couples living together jumped 13% this year to 7.5 million, according to an article I read this week in USA Today. In fact, researchers estimate that half of all married couples now live together before they get married. Why? Some blame the sluggish job market, but others suggest that couples who choose to live together frequently do so to avoid what they consider “legal hassles,” especially those associated with a potential break-up. However, the truth is that for unmarried couples who break-up, the fall-out can be worse than a messy divorce. USA Today suggests that unmarried…
Regardless the legislative fate of the federal estate tax, there is another aspect of your estate that you will want to consider – your Probate Estate.
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