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Tell your old, sick, rich clients to die in 2010

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  • Tell your old, sick, rich clients to die in 2010

    I'm not an estate planner, but I just learned that the "death tax" is repealled in 2010. Otherwise, anything over $1.5 (or $3 million if married with a living trust) is taxed at about 47%. Here are the rates and dates from the IRS:

    Die in 2004: Exempt amount per person is $1.5 Million, Max estate tax rate is 48%
    Die in 2005: Exempt amount per person is $1.5 Million, Max estate tax rate is 47%
    Die in 2006: Exempt amount per person is $2.0 Million, Max estate tax rate is 46%
    Die in 2007: Exempt amount per person is $2.0 Million, Max estate tax rate is 45%
    Die in 2008: Exempt amount per person is $2.0 Million, Max estate tax rate is 44%
    Die in 2009: Exempt amount per person is $3.5 Million, Max estate tax rate is 45%
    Die in 2010: Exempt amount per person is $UNLIMITED!! , Max estate tax rate is 0%
    Die in 2011: Exempt amount per person is $1.0 Million, Max estate tax rate is 55%

    You can also gift up to $11,000 per person ($22,000 if a married couple) per year. The lifetime gift exemption is $1 million ($2 million if married)
    There are other exceptions like educational and medical gifts to ins***uions which are unlimited, but I guess a 529 plan could also be done.
    Anyway, I'm not a tax guy.
    Last edited by Law Monster; 11-23-2004, 11:21 AM.
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