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Starting
Jan. 1, the estate tax -- which can erase nearly half of a wealthy
person's estate -- goes away for a year. For families facing
end-of-life decisions in the immediate future, the change is making one
of life's most trying episodes only more complex.
"I have two clients on life support, and the families are struggling
with whether to continue heroic measures for a few more days," says
Joshua Rubenstein, a lawyer with Katten Muchin Rosenman LLP in New
York. "Do they want to live for the rest of their lives having made
serious medical decisions based on estate-tax law?" [Note to family - yes].
The macabre situation stems from 2001, when Congress raised estate-tax
exemptions, culminating with the tax's disappearance next year.
However, due to budget constraints, lawmakers didn't make the change
permanent. So the estate tax is due to come back to life in 2011 -- at
a higher rate and lower exemption. [Full article]
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My favorite classic story is that of Ted Arison, founder of Carnival Cruise who was born in Israel. In 1990 he renounced his US citizenship and moved back to avoid US estate taxes. He failed to meet the 10 years out of the United States rules when he died in October 1999. Missed it by two months.
ReplyDeletemarcm
We can expect to see a rash of rich people "accidentally" falling down the stairs next December.
ReplyDeleteThe gal in the tub looks a lot like Pinocchio Pelosi.
ReplyDeleteTo the guy: What are you waiting for? Drop the hair dryer already!!