watch out: If You're Rich, Watch Out for Greedy Heirs and Sharp Objects - 07/26/10 01:19 PM

BE CAREFUL THIS YEAR AROUND GREEDY HEIRS.  There could be some risk for your survival.
The U.S. estate tax this year is zero, so if you die or are killed during 2010, your heirs pay the government nothing on the money you pass along to them. 
This U.S. estate tax will return big time in 2011, and unless Congress extends, starting January 1, 2011, all taxable estates of more than $1 million will be taxed at pre-2001 rate of 55%.  
So estate tax will go from zero to 55% at the stroke of midnight on December 31, 2010.  (U.S. Congress might reduce the estate tax rate from 55%, but it won't eliminate it.)

Your heirs … (5 comments)

 
Harrison K. Long, REALTOR , GRI, Broker associate, Attorney (HomeSmart, Evergreen Realty)

Harrison K. Long

REALTOR , GRI, Broker associate, Attorney

Irvine, CA

More about me…

HomeSmart, Evergreen Realty

Address: 9901 Irvine Center Drive, Irvine, CA, 92618

Office: (949) 854-7747

Mobile: (949) 701-2515



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