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Posts Tagged ‘Probate’

If American’s can believe anything anymore about Congress and the Estate Tax it is that they proven incapable of the most simple acts of governance.  For nine years everyone knew the tax would expire in 2010 yet despite that knowledge Congress was unable to agree on a compromise so it expired.  Now with just a few weeks left in 2010 we are no further ahead than where we were last year at this time.  The Wall Street Journal notes that the tax is about to return with a vengeance:

Overlooked in the brawl over expiring Bush-era tax rates is what will happen to the death tax. Without action in the lame duck Congress, the estate tax will rise from the dead on January 1 with a vengeance, the rate climbing back to 55% from zero this year. The exemption amount will revert to a miserly $1 million, unindexed for inflation, so more middle class taxpayers will get hit year after year.

Of course there are compromises that are possible, but given recent Congressional inaction, on the same subject one cannot assume one will actually pass:

Liberals are content to let the rate revert to 55%, with some moderate Democrats arguing for a 45% rate. Republican Jon Kyl of Arizona and Democrat Blanche Lincoln of Arkansas are pushing a compromise that would lower the top rate to 35% with a $5 million deduction. That rate is still 35 percentage points too high for our liking, but we’ll take it as an alternative to the greedy political confiscation of more than half of the wealth built by someone who has saved over a lifetime. An estate of $5 million isn’t all that much for a successful and thrifty business person with some real estate to accumulate over 50 or 60 years.

Most Americans appear to favor some compromise–unfortunately most Americans are not serving in Congress:

President Obama and Congressional Democrats don’t think this is a high priority, but voters do. A November Gallup Poll found that Americans think that keeping the estate tax “from increasingly significantly” is “very important” by 56% to 17% “not too important.” That’s more than think it is a priority to extend current tax rates (50%), extend jobless benefits (48%), ratify the Start treaty (40%) or let openly gay men and women serve in the military (32%).

Congress really only has until about mid month when it adjourns for its current session, and the remainder of the year.  Further inaction will only hurt middle class families more, particularly since they are the least able to cope with the new estate tax rates than are the heirs of the very wealthy.  Stay tuned . . .

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How is your Estate Plan? Do you have a revocable trust in place, with a backup pour over will? How about a power of attorney for financial matters? Who would make health care decisions for you should you suddenly become incapacitated? What would you want those decisions to be?

If you don’t have an estate plan, and even if you do, but would like to discuss these questions or any others you might have, please join us on Saturday January 16, 2016 at 10:00 a.m at the Blacklake Banquet Room at Blacklake Golf Course.

We hope to see you there:

To help us plan, it would be great if you could please RSVP: (805) 929-7150. Or email directly to guy@guymurraylaw.net.

DATE: 01/16/16

TIME: 10:00 a.m.

PLACE: Blacklake Banquet Room, 1490 Golf Course Lane, Nipomo, CA

Welcome to The Law Office of Guy W. Murray. We are a full service civil law firm. We invite you to browse our website. Feel free to ask questions or leave any comments you wish.   I also post regular and timely legal updates on my Facebook page.  Come visit and become a fan.

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671 W. Tefft Street, Suite 3
P.O. Box 180
Nipomo, CA 93444
(805) 929-7150
(805) 929-7151 Fax
(805) 431-2812 Cell
guy@guymurraylaw.net

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An interesting special report from the Tax Foundation entitled:  The Federal Estate Tax: Will it Rise From the Grave un 2011 or Sooner?  You can read the entire report here:  The Federal Estate Tax.  See also here.

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Below are several links that discuss various aspects of estate planning. Please review them for further in depth information on the subject areas they highlight.

Do I need estate planning

Do I need a will

California Statutory Will

Do I need a living trust

Schiavo case and importance of a living will

(more…)

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We are pleased to announce that we are now accepting Trust and Estate Administration Clients. What exactly is trust and estate administration? When a person dies, the process by which the estate is disbursed is called an administration. Every estate, whether large or small, whether the decedent left a will or a trust must have an administration. Whether it is a probate estate administration, or a trust administration depends on whether the decedent left a will, died intestate, or whether he or she had revocable trust in place at the time of death. (more…)

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