How small-business owners handle the process of retiring or exiting from their businesses will have a tremendous impact on their ultimate level of wealth. Making appropriate decisions in this regard can seem less overwhelming if you see it through the lens of Wall Street: sell, hold, or buy.
Posts Categorized: Estate Taxes
You can do your estate planning documents yourself, but by saving a few bucks now, you may cost your loved ones a lot more later. Here is an excerpt from, and link to, an interesting article by Deborah L. Jacobs.
This is an excerpt from a clever piece written by an obvious Boston fan named Jim Moniz, who is president and CEO of Northeast Wealth Management, a Braintree, MA-based company that focuses on the needs of high-net-worth individuals and professionals. It underlines the importance of being aware of what Congress is doing (or not doing) regarding the estate tax–the tax on the privilege of owning stuff when you die–and how that might affect you and your loved ones.
A scenario that plays out far too often: a parent’s intended beneficiaries lose most of their inheritance to the IRS, court costs, and lawyers. This recent Tax Court case provides a cautionary tale about the perils of incomplete planning.
By dying in 2010, the billionaire and long-time New York Yankees owner’s wealth avoids the federal estate tax, likely saving his heirs enough money to field an entire team of Alex Rodriguezes.
It’s looking more and more like the estate tax will be coming back with a vengeance in 2011. It’s not too early to plan for how to minimize the bite. This WSJ article provides a pretty good explanation of the current situation and future prospects.
Dan L. Duncan, a soft-spoken farm boy who started with $10,000 and two propane trucks, and built a network of natural gas processing plants and pipelines that made him the richest person in Houston, died in late March of a brain hemorrhage at 77. Had his life ended three months earlier, Mr. Duncan’s riches —… Read More »
Vermont independent Sen. Bernie Sanders and three Senate Democrats Thursday proposed an estate-tax plan that would hit wealthier taxpayers harder than another proposal on the table. The estate tax lapsed temporarily on Jan. 1 after the Senate failed to extend it last year. If lawmakers do nothing, the tax will resume in 2011 with a… Read More »
This blog posting answers some critical questions about trusts, asset preservation, and estate taxes.