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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 In Ohio this was recently repealed by Republicans.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   
Wednesday, 04 November 2009 15:21
As the Estate Tax Debate picks up, liberal advocacy groups are backing Rep. McDermott's bill. If you don't recall, that bill would set the exemption at $2.0 million.

“We have just spent a huge amount bailing out Wall Street,” Lee Farris of United for a Fair Economy said. “Now, it would be a lousy time to send even more money to the wealthy.”

Another group also behind McDermott’s bill is Citizens for Tax Justice and Results, an anti-poverty group.

On the other side of the issue...

Written by Derek W. Jensen   
Friday, 30 October 2009 16:24

As we contemplate another change in the Federal Estate Tax, we have to remember to consider the state death taxes that may apply. The following graphic from the Wall Street Journal shows the current states with death taxes and their rates. State Death TaxesThe accompianing article, State Death Taxes Are the Latest Worry, provides additional information.

Here in Washington State our Estate Tax exemption is $2.0 million and the maximum rate is 19%, which is the highest maximum estate tax rate in the country.

Written by Derek W. Jensen   
Friday, 23 October 2009 07:54
An estate tax bill could be introduce in the House as early as next week states Democratic Leader Steny Hoyer. Here is link for the full article from the NY Times. Of special interest is the last quote, "If we don't act on the estate tax there will be a great cost next year". This makes me think this is the one year extension bill since the estate tax repeal for next year is a revenue cost, but the reversion to the pre 2001 exemptions and rates in 2011 is a revenue gainer. Stay tuned. 
Written by Derek W. Jensen   
Wednesday, 21 October 2009 15:06
Should Tax Reform be linked to Health Care Reform? Representative Brian Baird of Washington thinks so. In a guest editorial from yesterday's Seattle Times entitled Time for real reform of health care and taxes, Representative Baird makes the case for taking on not just health care but also the tax system. He would like to eliminate all income and payroll taxes along with all of the current health care tax exemptions & deductions. Among other recommendations, he wants a progressive...

Written by Derek W. Jensen   
Wednesday, 21 October 2009 12:29
Don't make your funeral plans just yet, if you are counting on the temporarily estate tax repeal in 2010.

This is the conclusion of Mark Nestmann in his article, "Q: Should You Die in 2010? (…For Tax Purposes, of Course)". For nearly a decade planning professionals have been snickering and joking about the possibility of offering death as planning option under the current law. Unfortunately, as we approach the stroke of midnight on December 31st, it isn't as funny as it once was. In Mark's...

Written by Derek W. Jensen   
Monday, 19 October 2009 09:23
It is getting down to crunch time. In about 10 weeks the Federal Estate Tax is scheduled to be eliminated . . . . for one year!

Unfortunately, this planning nightmare is no closer to being resolved then it has since the bill that created it was passed and signed into law in June of 2001.

As an observer of politics, I recognize that the Estate Tax is a political football that both sides are using to score points and earn significant campaign contributions. Although there hasn't been any...

Written by Derek W. Jensen   
Thursday, 11 June 2009 02:37
Last year I set up an alert to give me notice of new articles that are posted relating the coming changes in the estate tax law. Typical I get a few articles a week. Most of them are repeats of the same old line.

However, this week has been different. I am getting enough of these alerts that they are jamming up my inbox! At last count there have been 161 news articles over the last week. You can check them all out here. There are an additional 125 blog entries over the last week. Taken...

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