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What Others Are Saying

  • Response to the unsung inventor of Carbon Tax David G Wilson 12 Aug 2014 | 12:37 pm

    This linked with a death tax as proposed by Warren Buffet and Bill Gates Senior , and a Citizens Wage , would I believe set the world into a totally new direction , whilst retaining a competitive Capitalist and more Democratic society that is more ...

  • Same Sex Marriage, Taxes and Winning the Lottery - Huffington ... 12 Aug 2014 | 10:48 am

    Windsor was an estate tax case and where we will see the biggest economic change is when same sex couples go to file their income taxes. Looking strictly from an economic viewpoint, is it a good idea for a same sex couple to get married?

  • Media Watch: 15 Things Americans Would Know if There Were a ... 12 Aug 2014 | 10:16 am

    Take the repeal of the estate tax. In Ohio this was recently repealed by Republicans. The benefit is only realized by people with estates larger than $338,000 (as the first $338k was exempt) and realized most by people with even wealthier ...

  • How To Protect Your Real Estate Assets From Creditors 12 Aug 2014 | 8:26 am

    Doing so places the real estate beyond the reach of your creditors and may also reduce your estate tax liability. The disadvantage of this strategy, however, is that you'll lose all economic interest in and control over the real estate. Further ...

  • Why do I have to pay inheritance tax in Ireland on a cross border ... 12 Aug 2014 | 7:45 am

    Inheritance tax in many jurisdictions outside of Ireland is an Estate tax i.e. the Estate of the Deceased person pays the tax and often the beneficiary has little more to do than wait for their cheque to arrive in the post. In Ireland, however, it is the ...

 
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Derek's Tax Blog

Tax Attorney Derek JensenI strated this blog as a way to follow the developments in the Federal Estate Tax. However, from time to time I will post on Federal Income Tax issues, the Washington State Estate Tax, Estate Planning, Elder Law, and Business Planning. Please feel free to leave comments.
Written by Derek W. Jensen   
Wednesday, 17 November 2010 02:17
What would be the impact of the four major estate tax proposals for 2011? This is the question addressed by a new post in Lively Debate Ahead on Estate Tax | Committee for a Responsible Federal Budget.

It includes the following chart showing the estate tax as a percentage of GDP:

It also shows charts for the current law from 2001 through 2011 and four proposals that we have heard the most of over the last two years or so. Of course after the election, the game has changed and everything...

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Written by Derek W. Jensen   
Friday, 12 November 2010 16:52

This chart shows the Federal Estate Tax Exemptions for the years 1991 through 2011. It also shows the Washington State Estate Tax Exemptions for the years 2006 through 2011.

estate tax rate chart

I thing this chart can help provide some perspective in the upcoming debate on the estate tax.

 
 
 
Written by Derek W. Jensen   
Friday, 12 November 2010 04:23
The Rochester Business Journal recently conducted a poll on the estate tax. Here are the results.

Which one of these estate tax proposals do you support? Repeal the estate tax permanently - 41% $5 million individual exemption and 35% top rate - 23% $3.5 million individual exemption and 45% top rate (the 2009 levels) - 14% $2 million individual exemption and graduated rate structure (from 45% for estates up to $5 million to 55% for estates over $10 million) - 8% $3.5...

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Written by Derek W. Jensen   
Tuesday, 09 November 2010 14:26
Jensen Law Office is hosting a seminar Nov. 10 on the future of the estate tax.

Join us for coffee, desert and an informative discussion from Tax Attorney Derek W. Jensen on the future of the estate tax.

With the conclusion of the mid-term elections, the future of the Federal Estate Tax remains uncertain. Learn how to ensure that your estate plan will receive the maximum available Federal and State exemptions no matter how the law changes. Mr. Jensen will also discuss how to ensure...

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Written by Derek W. Jensen   
Monday, 08 November 2010 06:11

Well reviewing articles on tax issues facing congress I came across this chart that shows over $9 billion of lost estate tax revenue in 2010 from 5 estates.

 

chart five biggest estates

Numbers like that are likely to get the attention of a few representatives and senators trying to reduce the deficit.

From the source article: Now Get Ready For The Lame Duck Congress To Kick The Can On All The Hard Deficit Choices

 
 
 
Written by Derek W. Jensen   
Wednesday, 01 September 2010 08:50
It’s official: Taxes, including the estate tax, are going to be a huge campaign issue this fall.

Since George Steinbrenner's death, I have been trying to pull some common themes from the news on the estate tax. His death definitely attracted some national attention to the estate tax issue. The closest thing to a consensus I could sense was that the Boss got away with one. I take this reaction as a negative for the prospect of increasing the exemption next year above $1 million. The...

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Written by Derek W. Jensen   
Tuesday, 13 July 2010 08:26
George Steinbrenner joins Dan Duncan, Mary Janet Morse Cargill, and Walter Shorenstein as the U.S. billionaires who have died in 2010 free of the Federal Estate Tax.

Mr. Steinbrenner will be remembered for his contributions to baseball at tonight's All-Star Game. Yankee fans we are relieved knowing that the team will not have to be sold to pay the Federal Estate Tax. Since Mr. Steinbreener residing in Florida, his estate will also avoid the New York Estate Tax.

However, for others his...

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