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.
Kelly Phillips Erb, known as Taxgirl, is a tax attorney, writer, and speaker who explains tax news, IRS updates, scams, financial crime, and money in plain English.
From the Washington Post, an article that suggested that a repeal would hurt the “small rich”…
Quick pop quiz: what form of tax do most Americans claim to hate the most? Income taxes? Nope. Payroll taxes? Nope. Tax on alcohol? Tax on cigarettes? Nope and nope. It’s the federal estate tax. That’s a pretty remarkable statement considering that fewer than 2% of Americans are generally subject to the federal estate tax…
The Supreme Court issued a decision in North Carolina Department of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust—and it’s unanimous. The Court ruled that a trust beneficiary’s residence is not sufficient on its own for a state to tax a trust’s undistributed income. Here’s how the case arose. Joseph Lee Rice, III, created a…
I got a glimpse of the 2011 budget proposal on the news last night. It’s big. As in big thick book big. And I will admit to not having read all 192 pages yet. But I’m making progress. You can download the whole thing at once – or in little bits (as I have done)…
As it turns out, James Brown’s widow, Tomi Rae Hynie, may not really be his widow after all. Or maybe she is – apparently, the man that she married before she married Brown was a bigamist. If true, then her first marriage would not have been legal, making her marriage to Brown legal. If not…
One of my recent “ask the taxgirl” questions involved whether Michael Jackson’s funeral expenses were deductible. When I paused to consider whether I wanted to post about Michael, a colleague kindly offered to address the issue on his blog at sofloridaestateplanning.com. The blog is authored by David Shulman, an attorney located in South Florida who…
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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.