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Posts tagged "estate tax"

The Year Without an Estate Tax Draws to a Close, Part II

In our last post, we discussed the estate tax and how it is scheduled to come back into existence in 2011, albeit with rates far higher than when we last saw it. In this post, we wanted to discuss a few of the tools that an individual might use to reduce the impact the estate tax may have on his or her surviving family members.

The Year Without an Estate Tax Draws to a Close

As we have previously discussed, the year of 2010 has been somewhat unusual in that the federal estate tax disappeared completely under legislation that was enacted earlier this decade and was never modified by Congress. While some have wondered if Congress might step in at the last moment and retroactively apply the tax to 2010, the odds of that happening look to be quite slim. However, as we look forward to 2011, we are forced to recognize the return of the federal estate tax.

2010 is Coming to a Close - Do You Know Where Your Estate Plan is?

November is here. In fact, November is half gone. In a week or so, we'll be looking at Thanksgiving festivities. Less than a month after that, we'll be cleaning the house for Christmas guests. With 2010 quickly approaching its close, it's time to ask yourself about estate planning - whether you have a plan, one underway or nothing at all.

Congress Moves to Limit Trusts that Work Around Estate Tax

When an individual begins considering his or her estate plan, the question of asset protection almost invariably arises. Especially for those individuals with larger estates, small businesses, real estate or other money-generating assets, the return of the estate tax next year is daunting.

Uncertainty as Estate Tax Begins to Come Into Focus

From a time-based perspective, the soon-to-be-reinstated estate tax is just around the corner. By any other standard of measurement, the details regarding the federal estate tax, its exemptions and demands are anything but clear. At this point, if Congress does nothing, the estate tax will come back on January 1, 2011, allowing for a mere $1 million exemption and charging a 55 percent tax on all assets above that threshold.

New Jersey's Inheritance and Estate Taxes, Part One

As discussed last week, the federal estate tax is not the only tax to consider when planning your estate. New Jersey also levies an estate tax, as well as a tax on certain assets that are passed on after death. This second tax is referred to as an inheritance tax.

Estate Tax Coming Back to Haunt the Middle Class

In 2010, the estate tax expired and Congress, marred by indecision and partisan politics, failed to reinstate it. As a result, 2010 was a very lucrative year for some, perhaps most notably, the heirs to George Steinbrenner's fortune. Estimated at more than $1 billion, upwards up $500 million in the Steinbrenner estate was saved from government coffers.