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Article: Cut your estate tax: while the tax is being phased out, here are 10 ways to reduce it now.(Estate Planning)(federal estate taxes)
- Article from:
- Indiana Business Magazine
- Article date:
- August 1, 2003
- Author:
CopyrightCOPYRIGHT 2003 Curtis Magazine Group, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Why should one be concerned about federal estate taxes anymore? Won't they be history by the end of the decade?
Perhaps. The 2001 tax legislation calls for the federal estate tax to slowly be phased out, by lowering the tax rate and raising the amount that is exempt from taxation. Under the plan, by January 1, 2010, the estate tax will he gone entirely.
But there are two good reasons for continuing to seek ways to cut estate taxes. First, the tax will be with us for several more years. Butt even more important, the repeal of the tax lasts only a year, unless Congress acts to make it permanent. As the 2001 tax cut provisions were written, a "sunset" ...