http://www.moolanomy.com/1863/how-to-avoid-inheritance-tax/ Personal Finance. Investing. Wealth Building. Thu, 09 Feb 2012 21:35:54 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://www.moolanomy.com/1863/how-to-avoid-inheritance-tax/#comment-23078 Evolution of Wealth Fri, 14 Aug 2009 21:16:59 +0000 http://www.moolanomy.com/?p=1863#comment-23078 You promote term insurance in an article about how to pass on life insurance proceeds tax free? Shouldn't you just say not to own life insurance. I mean you talk about the husband and wife who pay $1.5 million in taxes. Would they have been better off not having life insurance, since you said it wasn't needed? They would have paid no taxes, oh yeah, there kids would have got $1.5 million dollars less. I think I would rather have the extra money and taxes. Or maybe I would listen to your blog post to have even more money and taxes. Wait that wouldn't work, would it? My term insurance just expired and I have nothing left for the kids. Oh and I just lost a third of the money in my retirement accounts to taxes. You promote term insurance in an article about how to pass on life insurance proceeds tax free? Shouldn’t you just say not to own life insurance. I mean you talk about the husband and wife who pay $1.5 million in taxes. Would they have been better off not having life insurance, since you said it wasn’t needed? They would have paid no taxes, oh yeah, there kids would have got $1.5 million dollars less. I think I would rather have the extra money and taxes. Or maybe I would listen to your blog post to have even more money and taxes. Wait that wouldn’t work, would it? My term insurance just expired and I have nothing left for the kids. Oh and I just lost a third of the money in my retirement accounts to taxes.

]]> http://www.moolanomy.com/1863/how-to-avoid-inheritance-tax/#comment-23066 My Journey Fri, 14 Aug 2009 04:34:06 +0000 http://www.moolanomy.com/?p=1863#comment-23066 As an in house counsel for a financial planning firm, I deal with this stuff EVERY DAY. Great beginning, but I think you forgot to mention 1 thing. While it is true the Credit Shelter Amount is $3.5 million, 18 States Decoupled in 2001 and thus have a lower CSA. For example in New York anything above $1,000,000 is taxed progressively starting at 5% up to 16% (effectively comes out exactly to 10%). So on an estate of $2,000,000 in NY you will owe nothing to Obama, but you will owe Gov. Patterson $99,600 WHICH IS STILL A HUGE CHUNK OF CASH. As an in house counsel for a financial planning firm, I deal with this stuff EVERY DAY. Great beginning, but I think you forgot to mention 1 thing. While it is true the Credit Shelter Amount is $3.5 million, 18 States Decoupled in 2001 and thus have a lower CSA. For example in New York anything above $1,000,000 is taxed progressively starting at 5% up to 16% (effectively comes out exactly to 10%). So on an estate of $2,000,000 in NY you will owe nothing to Obama, but you will owe Gov. Patterson $99,600 WHICH IS STILL A HUGE CHUNK OF CASH.

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