If You Are Going to Die You Better Do it Before Jan 1 2011

[KMAN]

Just a reminder...

Life-or-death tax implications

As repeal of the estate tax loomed at the end of 2009, wealthy families had an incentive to keep ailing parents or grandparents alive until Jan. 1. This year, in what sounds like an episode of Law & Order, heirs stand to benefit if wealthy benefactors die before midnight on Dec. 31. While outright homicide seems unlikely, estate-planning attorneys say they can envision situations in which the prospect of onerous estate taxes influences family members' decision to discontinue a relative's life support.

It could also cause some wealthy people with terminal illnesses to hasten their own demise, Behrendt says. "The fact is that our tax laws are influencing people's decision to live or die."

Estate tax to return in 2011, and it could hurt ordinary folks - USATODAY.com

 

[VaYank5150]

Just a reminder...

Life-or-death tax implications

As repeal of the estate tax loomed at the end of 2009, wealthy families had an incentive to keep ailing parents or grandparents alive until Jan. 1. This year, in what sounds like an episode of Law & Order, heirs stand to benefit if wealthy benefactors die before midnight on Dec. 31. While outright homicide seems unlikely, estate-planning attorneys say they can envision situations in which the prospect of onerous estate taxes influences family members' decision to discontinue a relative's life support.

It could also cause some wealthy people with terminal illnesses to hasten their own demise, Behrendt says. "The fact is that our tax laws are influencing people's decision to live or die."

Estate tax to return in 2011, and it could hurt ordinary folks - USATODAY.com

Maybe THESE are the death panels Caribou Barbie was fearmongering about?

 

[Avatar4321]

I plan on dying, but I am expecting another 80 years of life first.

 

[theDoctorisIn]

From your link:

The Obama administration has proposed returning the estate tax to its 2009 level, with a $3.5 million exemption and a 45% rate on assets that exceed that amount. The House approved the administration's proposal last year, but Republican opponents blocked action in the Senate.

 

[xotoxi]

I plan on dying, but I am expecting another 80 years of life first.

ANOTHER 80 years of life?

You're 80???

 

[topspin]

I'm not worried for you man, somehow I have your net worth under $3.5 mil

 

[polpotterybarn]

Out of all the things conservatives whine about the estate tax might be the worst. It's been around for a long time and no one had any real problem with it until a republican strategist renamed it "death tax." Psych 101

 

[Chris]

The estate tax is a good thing.

We need to bring it back as well as raising the top rate to 39% to reduce the deficit.

 

[Tom Clancy]

More Taxes!

Less Prosperity for the people!

Woot!

 

[Chris]

Reagan and the two Bushes created 93% of the National Debt by lowering taxes for the rich.

Click on the link and follow the links to the Treasury website for proof...

ReaganBushDebt.org

 

[Tom Clancy]

Oh yeah.. That Link.

The one where it doesn't mention the reason behind Reagan's spending. So, I'm guessing we should have dropped all our efforts during the Cold War?

Sure, I don't like Bush nor his spending, in fact I hate him for that.

But Cutting taxes? I'm talking cutting taxes for everyone. Simple.

 

[uscitizen]

I will likely die before then.

did anyone put me in their dead pool?

 

[Charles_Main]

Even with 3.5 Million exempt it often hits family farms that may have a high land value. Forcing them to liquidate instead of staying a farm.

 

[uscitizen]

Even with 3.5 Million exempt it often hits family farms that may have a high land value. Forcing them to liquidate instead of staying a farm.

should have incorporated.

Most inherited farms liquidate because of the heirs, some of whome will want their money NOW!

Incorporation can solve both issues.

 

[Avatar4321]

The estate tax is a good thing.

We need to bring it back as well as raising the top rate to 39% to reduce the deficit.

How about we do something radical like: Stop spending money we don't have?!?!

 

[Madeline]

Unless they plan to adopt a radically different Estate and Gift Tax than the one we have had, I am not concerned about my safety....or yours. If the families of the mega-rich make end-of-life decisions motivated by greed, that's on them. Without such a tax, wealth will concentrate in ever-smaller hands and the demise of the middle class will be ever closer.