If you're gonna die, 2010 would be a good year to do so...

[Papa Deuce]

( tongue in cheek )

Next year, for one year only, the federal estate tax is to drop to zero, thanks to a GOP bill passed in 2001.

By Jeff Schnepper
MSN Money

My kids had just sat me down and given me the bad news: I was going to die. They couldn't tell me what was going to do me in. But I was clearly a goner.


Discover strange tax deductions
The only thing they could guarantee was the year: 2010. Anytime during the year was OK with them. And they would be financially, if not emotionally, devastated if I was still around Jan. 1, 2011.

Not that they don't care for me. "It's not personal, Dad," my son Josh said. "It's just business -- good tax planning."

It's the first time in 30 years they've paid attention, and now I'm scheduled for a nondeductible chariot ride into the sky.

They must have read my chapter on the Economic Growth and Tax Relief Reconciliation Act of 2001. That's the bill in which then-President George W. Bush and Congress slashed income and estate tax rates.

The amount of assets that escaped federal estate taxation increased from $675,000 in 2001 to $3.5 million in 2009. That's in addition to anything left to a spouse. Rates dropped from a maximum of 55% in 2001 to a maximum of 45% this year.

The best part was scheduled for 2010. The then-Republican-controlled Congress decided that the heirs of anybody who died during 2010 would pay zero in estate tax!

But on Jan. 1, 2011, the estate tax exclusion reverts back to $1 million, and the maximum rate climbs back to 55%.

 

[sbell111]

Wow. Not much of an attempt to camo that political post.

 

[Papa Deuce]

Wow. Not much of an attempt to camo that political post.

100% incorrect. Not a single bit of that was political... just tongue in cheek humor. Other than the fact that you disagree with me at every turn, you know nothing about me... I am pretty much apolitical. Especially when I am on the DIS.

But thanks for trying.

 

[olena]

Laugh, but when DH took Wills, Trust and Estates, they discussed this and there are people out there with living wills that stipulate that if they are on life support or in a coma and there's little to no chance of coming back to or resuming a normal life, on the day before this loophole expires they want the plug pulled, so they can die within the statute.

 

[allison443]

OP didn't you read the whole article? You should have posted the entire article, or at least the part where the author says


"Sorry, but much of the above is little more than me having fun.
It may feel good, but none of it is likely to happen."


You realize this law can be changed before 2010, right?

 

[TheGoofster]

Well, with me it doesn't really matter if they keep or repeal this law, since I have no estate worth talking about. My kids might as well keep me around, since it would probably cost them more to bury me then anything they might inherit.

 

[sbell111]

100% incorrect. Not a single bit of that was political... just tongue in cheek humor. Other than the fact that you disagree with me at every turn, you know nothing about me... I am pretty much apolitical. Especially when I am on the DIS.

But thanks for trying.

Absolutely correct. I don't know you. I only know what you post. From your posts, your views are made clear.

 

[Papa Deuce]

OP didn't you read the whole article? You should have posted the entire article, or at least the part where the author says


"Sorry, but much of the above is little more than me having fun.
It may feel good, but none of it is likely to happen."


You realize this law can be changed before 2010, right?

I only posted the part I did, because I was having fun, hence the "tongue in cheek" at the head of the post.

 

[JessicaR]

I only posted the part I did, because I was having fun, hence the "tongue in cheek" at the head of the post.

You should know better! This is a Disney community message board and fun is not allowed here mister!

For what its worth I never noticed any underlying messages in any of your posts. I guess I better look harder.

As far as this thread is concerned, I'll make sure my kids don't see it until 2011.

 

[Reginat]

Last November, when I made certain decisions/actions, it was definitely based on this.

Too bad not enough other people felt the same way.

However, in talking with my estate planner, a certain leadership group is likely to modify the plan before 2011. Their families have too much to lose if they don't.

Basically any family owning a small business who wants to pass it along to their kids, could have the business wiped out. Wave bye-bye to family farm, McMansion, etc. It is Very Painful that people think this is something to laugh at.

Regina in NC

 

[N.Bailey]

Well, regardless of some opinions, I thought it was hysterical. Hmmmm, I wonder what's up with the in-laws.

Just kidding, I love them dearly.

 

[N.Bailey]

You should know better! This is a Disney community message board and fun is not allowed here mister!

For what its worth I never noticed any underlying messages in any of your posts. I guess I better look harder.

I've not noticed any underlying messages either. His posts are normally humorous.

As far as this thread is concerned, I'll make sure my kids don't see it until 2011.

 

[golfgal]

Ok, while the no estate tax SOUNDS like a good idea, along with that goes the exemption for passing assets from husband to wife. Currently that is at 3.5 million dollars and set up correctly you can exempt that amount down the road. Now, when it goes to zero, so does the spousal transfer so in reality you may end up paying MORE if you die next year then you will in the following years.

One VERY good way to plan ahead for estate tax issues is life insurance . Talk to your CPA and estate planning attorney and the will tell you how.

 

[DawnCt1]

100% incorrect. Not a single bit of that was political... just tongue in cheek humor. Other than the fact that you disagree with me at every turn, you know nothing about me... I am pretty much apolitical. Especially when I am on the DIS.

But thanks for trying.

Papa Deuce, that is very true. As for me, on the other hand............I won't comment on this thread!

 

[lisajl]

I only posted the part I did, because I was having fun, hence the "tongue in cheek" at the head of the post.

I don't think people got that...as Daffy Duck says, "It's a joke, son."

 

[manning]

OK, let's really make this political

There will be elections in 2010, 2012, 2014, 2016 etc.

Any objections ???

I can't believe what I read. I got the joke.