If You are Wealthy - This is THE YEAR TO DIE!

The best estate planners and lawyers would never have thought this day would come! They thought for sure Congress would not let this occur. But it has happened..........
UNDER THE CURRENT LAW- as of January 1 2010- There is NO FEDERAL ESTATE TAX!
Right now-Whether you are worth 1 million or 100 billion, if you die , all the money can go tax free to your heirs. This year, the saying "nothing in life is guaranteed but death and taxes " is totally wrong. You can die and keep all the money. But you better croak this year.

WOW! How did this happen?
During the Bush Administration Congress passed back in 2001 some tax laws that reduced the estate taxes over a period of years, culminating in the complete elimination of the estate tax in 2010.

Here is the Bad News
Under what is referred to as the Sunset Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001, without any intervention by Congress, the elimination of the Estate Taxes ends on December 31 this year. The estate taxes will be reinstated to what the taxes were back in 2002, with a mere 1 million dollar exemption. IN FACT LOTS OF TAX CHANGES WILL REVERT BACK TO WHAT EXISTED IN 2002. This includes an increase in the capital gains rate and increases in the tax rates for all individuals. That means, starting in 2011, most of the wealth you have built up over the years will be going back to the U.S.Treasury. So if you love your family and want to leave them some money and plan on departing this earth- you probably have the rest of the year to enjoy yourself. After that - the party is over.

Congress Will Probably Do Nothing this year to Change Things- and Here is Why
The tax laws passed in 2001 were passed by a Republican Congress. Our current Congress is Democratic.. There is no political incentive for this Congress to change the tax laws now. They are going to wait until everyone screams and complains about how high taxes are in 2011. And the Democrats will be able to blame it all on the Republicans and the past Administration. The Democratic Congress backed by the President, will start to push for lowering your taxes by the fall of 2011- just in time to use these changes to secure some votes in the upcoming elections.