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  • 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 In Ohio this was recently repealed by Republicans.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   
Tuesday, 09 February 2010 12:49
The bi-partisian jobs bill being rushed through congress this week does not include a fix for the now expired estate tax or its reinstatement Clinton era levels next year. (Reuters) Earlier this morning their had been a report that the a compromise deal on the estate tax was being worked on to "grease the skids for a jobs bill". (The Hill) That apparently won't be needed now. No real comment on this other then this agains shows that we should be skeptical of any reports on a pending estate tax...

Written by Derek W. Jensen   
Friday, 05 February 2010 08:43
Would you be willing to prepay estate taxes while you are alive, in exchange for a lower tax rate? This is the idea from Washington's own Sen. Maria Cantwell and it could lead to a permanent compromise on the on the Federal Estate Tax. (Dow Jones Newswire)

As anyone who has studied the Roth IRA conversions can tell you, sometime pre-paying a tax makes sense. Pre-paying estate taxes isn't a new idea. In fact we have a special name for it. The Federal Gift Tax. Currently taxable gifts are...

Written by Derek W. Jensen   
Tuesday, 02 February 2010 13:59
When I reviewed the President Obama's Budget, I felt like I was in the Bill Murray movie. Please Punxsutawney Phil, give us guidance!

When it comes to the estate tax, this year’s budget is a lot like last year’s budget. They both assume that the 2009 estate tax exemption of $3.5 million and tax rates continued into the future. Just like last year we are waiting for congressional action. And like last year, we will see another change in the law next year if congress and the President are...

Written by Derek W. Jensen   
Thursday, 28 January 2010 14:41
Something interesting happened today. The Senate passed a paygo or pay-as-you-go bill. The purpose of this legislation is to force some fiscal discipline on the legislative and executive branch. Although that sounds like a good idea, the legislation was only passed as part of a compromise to obtain support for the debt level increase from Senate Democrats and House Blue Dog Democrats. The Republicans are opposed to it, calling it "swiss-cheese-go" (Republican Judd Gregg) because of its...

Written by Derek W. Jensen   
Tuesday, 22 December 2009 20:21
The estate tax isn't the only tax provision expiring on Dec. 31. Due to congressional inaction 50 tax provisions will expire. Including the annual AMT patch, the deduction for state and local sales taxes, the $4,000 deduction for college tuition, a provision that allows taxpayers age 70-and-a-half or older to transfer up to $100,000 directly from an IRA to charity, the business R&D credit, and a biodiesel tax credit. Many of these provisions require action every year and they are likely...

Written by Derek W. Jensen   
Wednesday, 16 December 2009 13:50
Will congress act to restore the estate tax for next year? If Representative Hoyer and Senator Baucus have their way, the answer is yes.

"I have every confidence it will be fixed early next year," said Rep. Earl Pomeroy.

Really. Where does this confidence come from? This one year repeal has been part of the law for the past 8 1/2 years. Congress has talked about it every year since then. President Obama made a campaign promise to deal with it. A fix made it into the 2009 budget resolution...

Written by Derek W. Jensen   
Wednesday, 16 December 2009 08:38
A lot can happen in the other Washington before breakfast in Seattle.

My breakfast reading this morning included reports that Senate Finance Committee Chairman Max Baucus of Montana was working to include a 2 month extension of the current estate tax. I reported yesterday how the House had abandoned its efforts in an attempt to get out of DC before the weekend.

However, Senator Baucas didn't give up hope and made efforts to find the 60 votes necessary to attach the extension to...

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