The Wall Street Journal is reporting that Barack Obama will block the disappearance of the estate tax in 2010. It is being reported that the Senate Finance Committee will reverse the rollbacks that were being phased in slowly since 2001. As reported earlier on this blog, the Obama campaign plan would exempt estates worth up [...]
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If you are appointed as executor, administrator, or personal representative (What are the duties of a personal representative?) of an estate, you are responsible for filing a tax return. An estate tax return must be filed within 9 months of the decedent’s death. Internal Revenue Code §6075. You may file for an extension [...]
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“Most people don’t realize that we have two systems of taxation. One taxes income as it’s earned; the other taxes wealth as it changes hands. During a person’s lifetime, we call this transfer tax the gift tax. At his or her death, we call it the estate tax, and it could carry significant tax consequences [...]
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Trusts & Estates Prof Blog Writes:
“Under current law, there will be no estate tax for individuals who die in 2010. Accordingly, some wealthy individuals may plan for their demise to occur during 2010.
The following is from Stephen Moore, Death by Taxes: Seniors May Plan Their Demises to Maximize Their Bequests, Wall St. J., [...]
Filed under: Estate Planning - Generally, Estate Planning of the Rich and Famous, Estate Tax, Gifts and Gift Tax, San Diego Estate Planning | No Comments »
L.A. Times - Personal Finance
“You may not like paying federal taxes, but chances are you’re not
going to renounce your U.S. citizenship to get out of the obligation.
That’s probably wise, especially because a tax bill expected to be signed
into law this week contains a provision designed to crack down on the roughly
500 rich [...]
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