“Most of the states are still in pretty poor shape, and if the economy doesn’t improve you might see more action by state legislatures seeking other sources of revenue,” says James Walschlager, an analyst with tax publisher CCH, a Wolters Kluwer business. Here is the good, the bad, and the ugly about State death taxes.
Posts Categorized: Current Affairs
70% of intergenerational wealth transfers fail, according to research conducted on over 3,250 families who transferred wealth.
Whether you are an employer of thousands or an employer of one, you could be sitting on a tax powder keg. Here is some helpful guidance.
Our legislature has created a new and effective tool for addressing creditor protection concerns. It’s not for everybody, but it can be a very formidable defense against financial losses resulting from unexpected liabilities.
The name Terri Schiavo is synonymous with what can go wrong if you do not have an advance health-care directive. Talk with your loved ones and your estate planning professionals about how to make sure you don’t end up sharing Terri’s fate.
Notorious doomsday prophet Harold Camping, whose past predictions of the end of the world proved overblown, is now absolutely certain that the world will end on October 21, 2011. Don’t be surprised if you are reading this on or after October 22, 2011, but don’t get lulled into thinking that estate planning is one of those things you can put off indefinitely.
It’s probably fair to say that “National Estate Planning Awareness Week” is an invention of estate planning professionals who would like to promote their businesses. On the other hand, that does not mean that estate planning awareness is a bad thing. In fact, most people fail to take simple steps that could make their lives, and the lives of their loved ones, much easier when inevitable bad things occur, like a death in the family or the incapacity of a loved one. One of those steps is the creation of a revocable living trust.
Predicting the future of the estate tax is a futile effort, but keep your eye on Congress and your State Legislature. Your ongoing vigilance will help make sure your loved ones do not pay more tax than the law requires.
The U.S. Debt Ceiling was raised before the magical August 2 deadline amid great hand-wringing and “the sky is falling” rhetoric out of our nation’s capitol. Despite the tireless efforts of our tireless representatives, our stock market still plunged, and global markets followed suit. Making sense out of the baloney sandwich we have just been fed is tricky.
There is a big difference between tax avoidance (which is legit) and tax evasion (which is not). Although it can be frustrating at times, we are nevertheless called upon to render unto Caesar what belongs to Caesar. If you don’t like what you have to render, take it out in the voting booth, not on your tax returns.