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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 In Ohio this was recently repealed by Republicans.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   
Monday, 08 June 2009 13:20
As we wait for President-elect Obama to give us any new information about his tax plans, a consensus is building that the economic situation will force a delay in major tax changes; however, the estate tax is one that might be addressed as early as next year. The reason is the one year repeal of the tax in 2010. This article suggests that the change may be to extent the 2009 exemption and rate levels into 2010.

The idea of a one year extension creates some interesting scenarios. It allows...

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Written by Derek W. Jensen   
Monday, 08 June 2009 13:18
Fox News reports that the 2008 deficit of $454.8B is a record and is more than double the $161.5B in 2007. And the outlook is not good, “next year’s deficit could easily top $700 billion”. Federal deficits of this size will make it difficult for the next President and the next congress to enact any tax relief. The Tax Policy site, at left, has an interesting chart that shows the projected revenue from the current estate tax and a number of changes that have been proposed over the last...

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Written by Derek W. Jensen   
Monday, 13 October 2008 00:00
Our current Federal Estate Tax law was enacted with the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA). Here is a summary of that law. Currently the Federal Estate Tax Exemption is $2 Million. However, the exemption is scheduled to increase to $3.5 Million in January. The tax will take a hiatus in 2010, before returning in 2011 with a $1 Million exemption.

Washington's estate tax was reinstated in 2005. It survived an initiative to abolish the state estate tax in 2006...

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