How do you deal with a valuable asset that cannot legally be sold when the IRS says that you owe $29.2 million in estate taxes on it? This is a real live case involving a piece of art that includes a stuffed bald eagle.
Posts Categorized: Estate Taxes
Here is a way to test drive your estate plan while you can still tweak it.
Chalk one up for the taxpayers!
Mark Zuckerberg and Dustin Moskovitz, the co-founders of Facebook and two of the world’s youngest billionaires, may seem too young to be thinking about estate planning. But in 2008, when they were both 24, they used an estate planning tool that is more familiar to people two or three times their age.
The future of the federal estate tax is in the hands of the voters this November. A lot depends on the makeup of Congress come 2013. Here are some probable scenarios of how the current uncertainty will play out.
This article answers some of the most frequently asked questions about estate planning.
There were a number of important tax developments in the fourth quarter of 2011. Be sure to consult your trusted tax advisors if any of these apply to you.
“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.
Oakland Raiders owner and former head coach Al Davis is famous for a lot of things, including his quote, “We don’t take what the defense gives us; we take whatever the hell we want.” Mr. Davis has gone on to his eternal rewards, leaving his family to face an adversary that is more intimidating than the Raiders in their glory years. But there is good news for the rest of us. Even when you are up against the IRS, there are ways to, in Mr. Davis’ immortal words, “Just win, Baby!”
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.