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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 In Ohio this was recently repealed by Republicans.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   
Monday, 08 June 2009 13:38
The Blue Dog House Democrats were able to show their power in forming last weeks budget resolution. They will require pay-as-you-go budget rules for Alternative Minimum Tax, Obama’s reimbursement plan for doctors of Medicare patients and his plans for the estate tax. Pay-as-you-go means either tax increases or budget cuts elsewhere. This could mean that Blue Dogs could be battling their own party’s leadership.

There is also a group of moderate Democrats in the Senate; however, they...

Written by Derek W. Jensen   
Monday, 08 June 2009 13:37
I have to give credit for the title of this post to Wall Street Journal writers Mike Spector and Anne Tergesen. They used the term as a side bar in their recent article, Unusual Trusts Gain Appeal in Unusual Time.

In their article they discuss some of the many uses for a technique that is often difficult to explain, the “intentionally defective grantor trust”. The other day I was explaining to a client the three ways that an irrevocable trust can be taxed and how those three methods...

Written by Derek W. Jensen   
Monday, 08 June 2009 13:37
After the drama of the Senate Budget Resolution, the battle lines are clearly drawn. On the one side is President Obama and most of the Democrats. On the other side are the Senate Republicans and 10 Democrats as evidenced by the Lincoln / Kyl amendment.

Or so it would seem! In stead of being a budget battle, it is likely to be a whimper. In this post, Erza Klein illustrates what the amendment actually does and gives some insight into the legislative process. It makes one wonder if all of...

Written by Derek W. Jensen   
Monday, 08 June 2009 13:36
This week has shown some progress on Capital Hill for the future of the Estate Tax. Both the House and the Senate have been working on non-binding budget resolutions that will be the framework for the budget that will eventually be signed by the President. Before the resolutions were passed on Thursday there was some maneuvering on the Senate floor. 

The marathon voting session capped a 13-hour day that included Vice President Biden and brain cancer-stricken Sen. Edward Kennedy...

Written by Derek W. Jensen   
Monday, 08 June 2009 13:34
So far H.R. 436 has been the only legislative glimpse into the future of the estate tax. Now, thanks to this article on tax law changes, I have found one more. A “Brief Analysis of President Obama’s FY 2010 Budget,” produced by a group called the U.S. Senate Budget Committee Majority Staff provides additional details on Obama’s estate tax plan, or at least on what Senate staffers for the majority think it means.  The staffers say that Obama’s budget assumes that the estate tax...

Written by Derek W. Jensen   
Monday, 08 June 2009 13:33
A couple of weeks ago when it was released I reviewed President Obama’s Budget. I have been accused of being a pessimist about the estate tax. While it is true that during the campaign President Obama promised to create a permanent estate tax exemption of $3.5 million. But a lot has changed since then. As an estate planner I believe my first responsibility is to plan for what the law actually is and only than make reasonable assumptions as to what it may be in the future. For this reason I...

Written by Derek W. Jensen   
Monday, 08 June 2009 13:32
Will President Obama unveil tax increases at tonight’s State of the Union address? Maybe. I don’t have any insider knowledge on the speech, but I don’t know how he can meet his goal of halving the deficit in his first term without significant tax increases. Make that massive tax increases. In earlier posts I detailed his plan to allow the Bush tax cuts expire at the end of 2010 and I have identified the estate tax as the first tax increase of his administration. Know it appears that the...

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