So, You've worked hard your whole life, invested wisely, controlled your debt and want to leave a comfortable $2 million nest egg for your family. Well, unless you pass before the end of the year, you may want to rethink the math. The new legislation in congress will require that you have $3.222 million put back if you want to leave your family that $2 million. Yep, they're even going to bend you over in your grave and slam it to you!
The new, pending legislation lowers the estate exemption from $3.5 million to $1 million and raises the estate tax rate from 45% to 55%! The only good news is that the old estate tax legislation has expired, so if you die before January 1, 2011, your estate pays no taxes. Billionaire George Steinbrenner saved his family approximately $600 million in estate taxes by checking out earlier this year.
OK, so you really don't want to leave the world just yet. I don't blame you, we're all looking forward to the November "Blood Bath" and seeing the Steelers win the Super Bowl again this year. So, what do we do?
Fist, seek advice from your financial advisor and estate attorney on setting up trusts for your beneficiaries to avoid these excessive taxes. Then, write to your congressional leaders at http://www.nwyc.com/ and let them know that they must not let this new legislation pass!
"I'm Tired Of The Tax"
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