Death Without the Estate Tax?
December 16, 2005
Although Congress has often discussed the elimination of an estate tax, it has yet to do so. When George W. Bush was elected President (the first time), part of his campaign was based on his promise to eliminate the estate tax. At the time of the writing of this article in late 2005, the law currently stands that the exemption through 2008 will be $2 million per person for federal estate taxes. In 2009, the exemption becomes $3.5 million. In 2010, an unlimited deduction is available for any United States citizen, so anyone who dies then will pay no estate tax.
In fact, many practitioners have suggested that in 2010, wealthy clients who are not physically well should consider chartering a plane to the Netherlands or some similar country that permits assisted suicide. Although this may be a harsh statement, this would completely eliminate Federal estate tax as the law now stands. The government’s plan is to return the limitation back to the amount of $1 million in 2011.
With the current economic and budget crisis in the United States and with the need for additional funds to be raised, it is unlikely that a full unlimited estate deduction will be available for every individual. Many proposals have surfaced…
You may read more at the link below.
by: Hyman G. Darling, Esq.
December 12, 2005