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.”

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	Did You Know?
	Estate planning is a process to consider alternatives Good estate planning is more than just a simple Will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure your wishes regarding health care treatment are followed. On the financial side, a good estate plan coordinates what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event you became disabled or if you die.