How to Talk to Your Parents About the Estate Tax

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In addition to using a celebrity to raise the topic I have found that many clients use the occasion of their own estate planning to raise the topic with their parents. "I was just meeting with my attorney and he or she raised..." This is an easy way to bring up difficult topics.
http://www.utbf.com/trust-estate

David Frees of PA 11:50PM August 16, 2010

I think what will make or break such a conversation is the type of relationship(s) the grown children have fostered long-term with their parent(s). If there is trust, a sense of respect for the rights of each individual, good conversational & communication skills, and an open atmosphere for dialogue, being upfront and honest with your parents is much more viable in terms of being able to lovingly let them know what you would like to do for them and what would insure the safety and availability of their money for THEIR use.
Char Elle En, ACSW
Retirement Life Coach
Next In Life Coaching, LLC
Growing Your Legacy!

Char Elle En, ACSW of IN 4:04PM August 11, 2010

All you are doing is punishing the heirs whose parents have saved so that they could live a worry free financial life when the parents are gone. I hope that the tax is saved at least for the first 3.5 million rather than reverting back to the 1 million as it is likely to do.

S. Herman of NY 1:27PM August 04, 2010

Federal estate tax policy has been a contentious issue since the establishment of Bush’s tax policy in 2001. While the tax has been deemed by its most adamant opposers as the “death tax”, supporters maintain the tax is essential not only to collect revenue, but also preserve the fundamental American ideal of equality.
Given the current political and economic climate in our nation, it seems foolish to advocate for the termination of any tax policy that could generate much needed income. Why, when Our nation is on the precipice of a grave fiscal decline, do so many politicians want to lower an estate tax that only applies to millionaires – less than one percent of all estates? The estate tax raises tens of billions of dollars in revenue every year from those Americans who benefit the most from the prosperity and opportunity this nation represents.
United for a Fair Economy is an organization that shares my views. They demand a strong estate tax for the benefit of all Americans. Check them out at http://www.faireconomy.org/estatetax/

etaxfan of MA 12:03PM August 04, 2010

Terrific information on how to broach the topic of estate planning with parents. Another approach to consider is from the perspective of the person who will one day have to settle the estate. Many adult children will be faced with this task, and either accepted the role without knowing what's in store, or wkill be surprised to find out once the parent has passed. Having the talk now -- what the parent has, where the important information and documents are located, who to call, what to do -- can ease everyone's mind.
At Executor's Resource, we encourage families to use our online tools and practical guidance to do this. For more information, visit www.ExecutorsResource.com

Amy McDuffee of CO 6:00PM August 03, 2010