Estates May be Given Choice Between 2009 & 2010 Estate Tax Law

In Estate Planning, Tax Planning by Daniel Friedel

Wall Street Journal, Estate Tax Choice May Be In Works For 2010 — Treasury Official, by Martin Vaughan: The estates of those who died this year might be allowed to be taxed as if they died in 2009, in order to resolve a problem created by the repeal of the estate tax, a Treasury Department official said. Allowing those estates to …

Throw Momma From Her Private Jet–Not From The Train

In Estate Planning, Tax Planning by Daniel Friedel

New York Times columnist Paul Krugman famously  dubbed the Bush 2001 tax cuts the “Throw Momma From The Train Act”, because the estate tax was eliminated for just one year—2010. But as 2010 grinds on without a federal estate levy, it’s becoming clear that Krugman got it wrong.  Any Momma who would ride the rails (even the pricey Acela) probably …

Bush Tax Cuts Expire in 2010…Will You Pay Higher Taxes?

In Estate Planning, Tax Planning by Daniel Friedel

No one wants to be taken by surprise with a super high tax bill for 2011.  With only four months remaining until the expiration of Bush’s tax cuts enacted in the 2001 EGTRRA Bill, a lot of Taxpayers are holding their breath while they scramble to plan for a wide range of alternatives. We are likely to see one of …

The Uncertain Future of Death and Taxes in 2010

In Estate Planning, Tax Planning by Daniel Friedel

“In this world, nothing can be said to be certain except death and taxes.”  ~Benjamin Franklin~  With the estate tax existing as staple in revenue production since 1916, the controversial repeal of such marks a historical period of uncertainty when it comes to death and taxes. Many speculated that Congress would enact interim Legislation preventing a complete repeal of the …