Death, Taxes and Uncle Sam
Posted on January 13, 2009 in Arizona Law Regarding Business and Real EstateAt the Law Firm of William A. Miller in Phoenix we manage a number of high-profile estates. On Jan. 1, the amount exempted from federal estate taxes rose to $3.5 million from $2 million, which means that estates at or above the new limit would save $675,000 in estate taxes (at the 45% rate) compared to last year. So, party on, trust fund preps, heirs and heiresses. But wait, this may all end sooner than expected.
Under the current law, the estate tax is scheduled to disappear altogether in 2010, so the heirs of millionaires who go to their reward next year stood to inherit everything without Uncle Sam taking a cut on any of it.
While that is how the law stands, the notion of uber-rich being able to pass on their millions tax-free never squared with common sense reality. Of course, there are good arguments against the so-called death tax, especially that it taxed income twice; first when it originally was earned, then when it was saved and invested over time.
We are more than happy to help you properly plan your Estate at the law Firm of William A. Miller. Give us a call at 480.948.3095.
There is Nothing New Under the Sun
Posted on January 1, 2009 in Arizona Law Regarding Business and Real EstateOK, it’s now 2009 and we are all looking for a fresh start. We settled three significant matters at the law firm of William A. Miller in Phoenix, Arizona, over the last 30 days. I like to say, “I am a patriot first and a conservative second” and this quote from Cicero in 55 BC is as timeless as the saying of the Bible.
“The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.”
Sounds like there is nothing new under the sun. Good Luck to our President-Elect in 2009.