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Estate Planning News
Nelson Supports Full Repeal Of Estate Tax
To encourage economic activity and to allow for certainty in estate planning, Nebraska’s Senator Ben Nelson voted today to proceed to H.R. 8, the bill that fully repeals the estate tax. The motion to invoke cloture required 60 votes and failed, 57-41.
“I support the full repeal of the estate tax because reducing taxes and putting more dollars in the pockets of taxpayers is the best way to stimulate the economy,” said Nelson.
Nelson also said he has heard from Nebraska’s family and small business owners who worry about their estate because of the uncertainty of this unfair tax.
At every opportunity, Senator Nelson has voted to fully repeal the estate tax. In 2001, Senator Nelson helped broker and then voted for “The Economic Growth and Tax Relief Reconciliation Act”, which cut federal taxes by $1.3 trillion. Included in this tax cut package was a gradual reduction and eventual elimination of the estate tax. Specifically, the law has provided for a gradual reduction in the estate tax through 2009 and a one year full repeal in 2010.
Because the 2001 tax bill was done under special Senate “reconciliation” procedural rules, the provisions repealing the estate tax will expire at the end of 2010, sending the estate tax laws to the higher pre-2001 levels.
In 2002, Senator Nelson twice voted to make the estate tax repeal permanent.
“I have and will continue to support the full repeal of the estate tax every chance I get because of its burden on Nebraska’s small businesses and potential for job and economic growth in our state,” said Nelson. “We need to provide stability in the tax code so Americans can plan their retirements and provide for their families.”
A "Family Limited Partnership" can be used to own and manage your property
In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.
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Estate And Gift Taxes
Generally, you do not need to file a gift tax return unless you give someone, other than your spouse, money or property worth more than th... Read more >
Definition:
The combined Federal Estate and Gift tax. A single exemption credit applies whether the property was transferred during a person's lifetime (gift tax) or is held by a person at the time of his/her death (estate tax).
Gross Estate
Definition:
The value of an estate before the debts are paid. In California Probate statutory attorneys and personal representatives fees are usually calculated based on the gross value of the estate, so that the value of the home is calculated before deducting the amount due on the mortgage.
Gain
Definition:
The difference between the Tax Basis (the amount originally paid for property with certain adjustments) and the amount received for the property when it was sold.
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