Clock is Ticking on Estate Tax Sunset Rules

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Trackback : Cheap health insurance quotes » Tips on getting health insurance quotes ... of AL 8:46PM February 14, 2010

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hotels vergleichen in tuerkei of 2:33PM January 23, 2010

Whether or not the estate tax is "fair" depends on one's perspective. The argument that the tax is assessed on previously taxed assets doesn't wash, as the majority of assets in any estate represent untaxed capital gains. A viable option, perhaps, that could be philosophically more palatable, is the Canadian model, where there is no "estate tax," but the decedent's estate is treated as having been liquidated at market values immediately prior to his or her death, and income taxes are due accordingly. One way or the other, few governments on earth are going to miss the opportunity to assess a final tax.
Taxes should not be a surprise to any business owners. Unfortunately, as with any other costly event, failure to plan adequately in advance can have severe- even disastrous consequences. It's the old adage: Failure to plan is planning to fail. Most individuals are aware of the potential consequences if they fail to have adequate health or property insurance- a single event can wipe them out. Why then, the reticence to purchase life insurance in order to provide adequate funding for the inevitable? When properly set up, it provides, for pennies on the dollar, liquidity for estate taxes and other economic needs that suddenly become apparent upon the decease of a key person.
While not wishing ill for the family above or any others finding themselves in a similar situation, it is a fact of life that choices- sometimes made long in the past- have consequences. While we generally have the freedom to make our choices, we do not have the freedom to determine the consequences of those choices.

Randy Bradbury 8:07PM January 12, 2010

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Rob Held of IL 5:07PM December 11, 2009

Hannah of Ma, keep drinking the cool-aid. The Estate/Gift Tax(cant have one w/out the other) would make our Founders, the great thinkers like Jefferson, Monroe Adams) literally drop dead. It is nothing more than a Tax to re-distribute the wealth-plain and simple. It is morally, ethically and against all true Democratic principles; yet, it fits nicely in the ideas of Marx. This Country will have a short History b/c the voting majority is embracing the fundamentally wrong(but it feels soo good to help people)principle of taxing those citizens that produce and giving it to the non-productive.

Strohmeyer of AL 6:56AM December 10, 2009

Here's another way to look at the "large wealth" at the time of death. My family is facing this right now. Our mother is terminal and could pass away any day, or maybe still be here in 2010. The estate is comprised of a small business, the building it resides in, her house and some vacation property. Some people might think that's rich, but for a lifetime of hard work, small decisions and meager living standards, it is a nice package. However, when she does pass, my brother and I have to decide whether to rob our own company of cash we use for purchases to be able to pay those taxes OR we have to sell the company and building to be able to pay for those taxes. Where is the justice there? We have worked our entire adult lives for a decent living, not rich by any means. Now we will have to sell it and have no choice but to go get jobs in this economy. Cash on hand? Maybe the "rich" have it, but we don't. We aren't much different than any blue collar worker, living paycheck to paycheck with the estate taxes looming over our heads RIGHT NOW. We can't invest in anything right now because we may not be able to afford it later. This is the American Dream? We did not know Mom would be dying at a young age of 76, still working everyday in her dream job. The bureaucrats seem to think this financial situation is fine. Well, we just lose all around as a family.

Paula Arnold of CO 5:32PM December 08, 2009

As a progressive tax, the estate tax serves an important purpose in our economy. The preservation of the estate tax is essential to the government's ability to finance important policies and projects, as well as promote the democratic ideals that serve as the foundation of our government. Some believe that an extension of the 2009 estate tax policy serves as a tax break for the ultra-wealthy, and is ultimately inadequate for the needs of the American people. For more information visit:http://www.faireconomy.org/news/estate_tax_action_alert_12-7-09

Hannah of MA 5:43PM December 07, 2009