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estate tax law Tag

Bill Gates, Sr., Billionaire Warren Buffett, and Others Call for $2 Million Exemption, 45% Estate Tax Rate

Several dozen wealthy people, including Warren Buffet, Bill Gates, Sr., Jimmy Carter, and George Soros, have signed a statement calling for a "strong tax on the largest estates." The statement was released on Tuesday by a group called "United For a Fair Economy." Bill Gates, Sr. noted, “Those of us who have signed this statement to date – including my friend Warren Buffett – believe that a $4 million exemption per couple and a 45% rate, rising on the very largest fortunes, is perfectly reasonable, and should be put into law. Particularly in the face of the devastating cuts to social programs...

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Recommended Estate Tax Laws

Yesterday I blogged about the history of the estate tax and other transfer tax laws.  While the past is certainly instructive in understanding the future, to prognosticate future law, it’s also helpful to look at those proposals and suggestions which have been offered up to Congress and the White House.  In March we shared President Obama’s estate tax ideas as set forth in his budget proposal.  Today, we share options for tax reform as recommended to Congress on April 4, 2012 by the Joint ABA Sections of Taxation and Real Property, Trusts & Estates Law.  The full document can be...

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Handicapping the Future Estate Tax Exemptions

Gift-Tax-RulesBy: Mark L. Dodds, Esq., Partner at Grant Morris Dodds

So here we are, more than one year after the change in the estate tax law which temporarily at least has repealed the 2010 repeal of the estate tax, replacing it with a $5 million exemption. But the $5 million exemption is not all bad, considering most estate tax pundits never would have predicted the repeal would have seen the light of day, even for the one year for which the repeal actually was effective.

There were several high profile deaths in 2010 where the heirs really hit the jackpot,  among the most notable being the heirs of George Steinbrenner who inherited the $1.5 billion New York Yankees franchise entirely free of estate tax. If Mr. Steinbrenner had died one year earlier, the heirs would have had the federal government as a 55% partner in the storied New York team; had Steinbrenner died a year later, in 2011, the federal government would have been only a 35% partner. Either way, Mr. Steinbrenner got it just right, assuming there can be a right time to die.