Will the Estate Tax Remain?

1. The Estate Tax: Where To Now?
With an election year coming up, what will happen in terms of the estate tax becomes
anyone’s guess.
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LAW OFFICE OF DAVID PARKER BLOG
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2.  For those with substantial estates, probably no aspect of NY
estate planning and no point of consideration for purposes of
New York asset protection is more significant than the federal
estate tax. Unfortunately, where the government is going to go
with the estate tax in the future is highly uncertain.
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LAW OFFICE OF DAVID PARKER BLOG
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3.  The current estate tax is scheduled to expire at the end of
December 2012. What will replace it? Who knows? It’s an
election year, and all of the Republican Party candidates for the
presidency have expressed an interest in abolishing the estate
tax entirely. Most have signed a pledge with the American
Family Business Institute’s (AFBI) to do so (Jon Huntsman is
the exception, and that only because he does not like to sign
pledges).
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LAW OFFICE OF DAVID PARKER BLOG
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4.  For President Obama, however, the idea does not have any
appeal, so we should not expect a repeal of the estate tax if he
wins reelection. Even if one of his opponents wins the
presidential election next year and succeeds him in 2013,
however, any repeal of the estate tax must pass Congress, and
that is even less certain. For that matter, the entire structure of
federal taxes is up for dispute. Both Herman Cain and Rick
Perry have introduced radical tax restructuring plans (detailed in
a recent article in MarketWatch). New taxes or tax increases
may also be introduced in Congress as part of the ongoing
struggle with the federal deficit.
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LAW OFFICE OF DAVID PARKER BLOG
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5.  In a climate like this, how can a person plan his estate? The
answer is: carefully flexibly, with an eye towards reworking
things at need as circumstances change. No matter who wins
next year’s election, there is little doubt that we haven’t seen
anything yet when it comes to taxes in general and the estate tax
in particular.
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LAW OFFICE OF DAVID PARKER BLOG
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6. Law Office of David Parker
Estate Planning and Elder Law
 www.parkertrustlaw.com