Um, there is none. Seriously. And just three more days left in the year. The discussions about the constitutionality of a retroactive tax have already started flying. My two cents: it’s a stupid idea but it will likely pass muster.
The headlines are meant to grab your attention: Wealthy Clintons use trusts to avoid full estate tax they back After touting estate tax, Bill and Hillary Clinton seize on loopholes Bill and Hillary Clinton are dodging ‘death tax’ on their homes despite campaigning to raise it Clintons use loophole to avoid estate tax they helped…
Wow, they did it. The House really did vote on a federal estate tax bill. And it passed. The vote was narrow and partisan: in the end, 225 for, 200 against (see how your Representative voted here). The bill, HR 4154, was, as I blogged earlier, a compromise bill introduced by Rep Earl Pomeroy (D-ND)…
Gov. Andrew Cuomo has announced that New York will issue estate tax refunds to those taxpayers who file amended returns as a result of the recent Supreme Court ruling that deemed DOMA unconstitutional.
One of my special interests has always been estate planning and the associated tax consequences (if you follow the blog, you may recall that I clerked at the IRS in the estates division). What you may not realize is that you don’t have to be rich to be subject to taxes at death – there…
Taxpayer asks: My son’s grandmother has offered to pay his tuition for graduate school this year. Can she get a tax deduction for this? Does my school have to report this as income? Taxgirl asks: First of all, as someone with a slew of student loans for graduate school, tell your son that he’s very…
Prince Rogers Nelson (better known as Prince) made headlines recently when his sister filed documents claiming that the entertainer died without a will. As hard as that might be to believe, it’s not all that unusual. Here are 17 famous people – including Prince – who died without a will.
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Just finished reviewing a will of a married couple worth north of $6 Million – they have your VERY common set up where it says:
Fund my CST first and then rest to Surviving Spouse…BUT:
If everything can pass estate tax free, is the CST going to get everything? Going to lead to both Tax problems AND Surrogate problems.