ronin
Thinks s/he gets paid by the post
- Joined
- Oct 21, 2003
- Messages
- 1,325
Some interesting reading on the Senate's version of the estate tax deal:
The 'Death Tax' Is Reborn - WSJ.com
The 'Death Tax' Is Reborn - WSJ.com
I think a lot of estate planning attorneys are going to still recommend people plan for lower exemption levels than $5M.
One important "detail" is that the $5 million exemption is per individual, so it's $10 per couple, if handled correctly. The "portability" section in this bill supposedly makes it easier for a couple to use the full $10 million.
Lessens the need for an AB trust to avoid losing part of the credit when the spouse is to be the heir. Truly "unifying" the credit is a nice touch as well.
The Senate's bill makes this regime effective only for 2011 and 2012. At that point the provisions "sunset," and if Congress doesn't act, the 2013 top rate would again be 55% and the exemption $1 million per individual. So that may mean more estate-tax drama two years from now.
It seems like for tax planning purposes, 2 yrs. is the long term these days.
Fix it ONCE. Get it right. Make it permanent.
Yeah, I know. But it's really frustrating that these clowns can't seem to understand how much economic damage the constant uncertainty about future tax policy is causing. Unless, of course, they receive campaign contributions from CPAs and tax lawyers, in which case they understand but don't care...
You are sooooo funny Zig! Gawd, I slid right off my chair laughing when I read this........!
Yeah, I know. But it's really frustrating that these clowns can't seem to understand how much economic damage the constant uncertainty about future tax policy is causing. Unless, of course, they receive campaign contributions from CPAs and tax lawyers, in which case they understand but don't care...
Yeah, I know. But it's really frustrating that these clowns can't seem to understand how much economic damage the constant uncertainty about future tax policy is causing. Unless, of course, they receive campaign contributions from CPAs and tax lawyers, in which case they understand but don't care...