From the title, you might think this post is about a Steven Seagal or Jean Claude Van Damme movie, but you'd be wrong.
Generally speaking I don't like to ruminate on the law much since work is quite enough, but I have been pondering lately on the 2010 fairy land we have all entered wherein there is no estate tax.
Yep, you heard right. This year, and (possibly) this year only, there is no estate tax whatsoever.
Now, generally speaking you have to be doing pretty well to be subject to the federal estate tax ($3.5 mil +), but it tends to be a gigantic tax, ranging up to half-ish. I read an article the other day about a billionaire who was fortunate(?) enough to die during 2010. Accordingly, his entire estate has passed to his heirs tax free.
Unless Congress decides to retain the repeal on estate tax, in 2011 it will be down to $1 million net worth for an estate to be subject to the federal estate tax.
So what is my point in this rambling and likely mind-numbing post? Just like the title says. If you're old and rich, 2010 is a good time to die. At least for your heirs. :-)
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4 comments:
Gary, I hope your post was written because of this billionaire's story I read a few weeks ago. Cause if you hadn't already heard his story, it perfectly illustrates your point!
-Brandon
Moral of the story is: Use every last penny before you die.
Pretty sad.
So Gary, yeah, you obviously saw the billionaire's story. I somehow glossed over that paragraph and missed your mention of it. Anyway, pretty crazy! I hate to think that his family is probably pretty happy he kicked the bucket this year...
not only will I not be dying this year, but I do not make nearly enough for it to be applicable. I love legal loopholes like this. Its awesome!
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