Archive for the ‘Law & Ethics’ Category
March 25th, 2010 | 
Author: 
Kent C asked:
To my surprise, I have recently found out that the government has been imposing an inheritance tax which looks to me to be a bit outrageous. According to this information, anyone inheriting an estate valued over $2,000,000 would have at LEAST 55% of it taken as “tax” by the federal govt. I was just wondering if I’m the only one who finds this utterly insane?
To my surprise, I have recently found out that the government has been imposing an inheritance tax which looks to me to be a bit outrageous. According to this information, anyone inheriting an estate valued over $2,000,000 would have at LEAST 55% of it taken as “tax” by the federal govt. I was just wondering if I’m the only one who finds this utterly insane?
http://en.wikipedia.org/wiki/Estate_tax_in_the_United_States#Tentative_tax
Marie
Zack asked:
Although the estate tax is taking a hiatus for several years what is your view on it coming back in 2011 and do you feel it is fair or unfair to small, business owners?
Allan Rastegar
Although the estate tax is taking a hiatus for several years what is your view on it coming back in 2011 and do you feel it is fair or unfair to small, business owners?
Allan Rastegar
grumpyoldlady asked:
My cousin was personal rep for my late aunt’s estate…in Michigan. Everything I have read indicates that the first 2 million dollars of the estate is tax exempt. The estate was only $274,000, so should be totally exempt, yet my cousin paid over $30,000 in 2006 estate tax and about $3,000 to Michigan estate tax. NOW comes the kicker…2 days after he signed the final papers ending his responsibility for the estate, he died! Am I right that he should not have paid the $30,000 and $3,000 because of the exemption that SHOULD have been taken? NOW WHAT???? I just received final papers to sign that will go to Probate and then I will receive my part of the estate. If I sign, and that $30,000 was paid in error to the Feds, can the estate recoup the money? What should I do? The attorney apparently assumed that the return filed was correct or he would not have sent us the final papers to sign off on . I know $30,000 is not a big sum, but to me, 1/4 of that is a lot of money!
Moses Filarecki
My cousin was personal rep for my late aunt’s estate…in Michigan. Everything I have read indicates that the first 2 million dollars of the estate is tax exempt. The estate was only $274,000, so should be totally exempt, yet my cousin paid over $30,000 in 2006 estate tax and about $3,000 to Michigan estate tax. NOW comes the kicker…2 days after he signed the final papers ending his responsibility for the estate, he died! Am I right that he should not have paid the $30,000 and $3,000 because of the exemption that SHOULD have been taken? NOW WHAT???? I just received final papers to sign that will go to Probate and then I will receive my part of the estate. If I sign, and that $30,000 was paid in error to the Feds, can the estate recoup the money? What should I do? The attorney apparently assumed that the return filed was correct or he would not have sent us the final papers to sign off on . I know $30,000 is not a big sum, but to me, 1/4 of that is a lot of money!
Moses Filarecki
Posted in Law & Ethics | 
Tags: Cousin, Estate Tax, Feds, Kicker 2, Michigan Tax, Million Dollars, Money, Probate, Tax Exempt, Tax Question | 
1 Comment »
YouTube asked:
or do just the top 2% “ultra-rich” get to avoid paying the tax thus reducing govt revenue by over a trillion dollars? what is the motive behind this?
Lemuel Jacquet
or do just the top 2% “ultra-rich” get to avoid paying the tax thus reducing govt revenue by over a trillion dollars? what is the motive behind this?
Lemuel Jacquet
stellarcloud22 asked:
All benefits from the eliminating Death tax/Estate Tax will go to the top 2%. So, why do so many Americans support the elimination of this tax, when they will never see the benefit?
Jolie Presnar
All benefits from the eliminating Death tax/Estate Tax will go to the top 2%. So, why do so many Americans support the elimination of this tax, when they will never see the benefit?
Jolie Presnar