Roger Goss |
Greetings!
We are already into the eight month of 2010 and no estate tax law has been passed. Since January 1, 2010 there has been NO estate tax. No matter how large or small your estate, no matter who you left it to or how, there is NO estate tax due so far during 2010. Rumor has it that the Democrats want to put in a tax on estates and make it retroactive to January 1st but there is resistance. If our lawmakers do nothing before year end, the estate tax laws go back to $1,000,000 that can escape taxes (from $3,500,000 in 2009) with a 55% tax rate (versus 35% currently).
While I don't know of any instances in Rome, GA, can you imagine for someone in bad health with an estate over $3,500,000, that an enterprising (take your pick) spouse, children, adopted children, nieces and nephews, brothers or sisters that might inherit assets keeping some poor soul alive on life support through 2009 so they made it to 2010 to save estate taxes?
The other side of that coin is even worse; that some enterprising potential beneficiary might want to make sure the asset owner EXPIRES in 2010 while there is still no estate tax. A recent news article said that by dying in 2010, George Steinbrenner saved billions in taxes. People have been killed for a lot less! Did the law makers foresee these issues? Or course not! They can barely see past the next election.
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