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Estate Planning News
New Study Documents Destructive Effects of the Estate Tax
The Federal estate tax undermines economic growth, fails to reduce inequality, and harms many small businesses, according to a new study released today by Joint Economic Committee (JEC) Chairman Jim Saxton and fellow Committee members Congressman Phil English and Congressman Kevin Brady. The study, Costs and Consequences of the Federal Estate Tax, offers a wide-ranging examination of the central issues regarding the estate tax and its potential reform.
"This study demonstrates that the estate tax dampens investment and economic growth while penalizing small business and entrepreneurship," Saxton said. "The complex estate tax fosters clever estate planning and tax avoidance, and imposes costs that are excessive given the static estimates of revenue raised. The estate tax may even add to inequality, while hindering capital formation by successful small businesses and innovative entrepreneurs," Saxton concluded.
"The death tax places an unfair burden on the American people and often prohibits family businesses from being passed on to future generations by subjecting them to extreme tax liabilities," said English. "Today's report further confirms these facts, reiterating the need for Congress to take action to permanently repeal such an unjust and mean-spirited tax," English concluded.
"The Death Tax is terribly unfair," Congressman Brady said. "It punishes hallmark American values -- hard work and savings. It stops our small business people and farmers from passing their hard-earned heritage down to their children, and it is harming more and more of our minority and women entrepreneurs," Brady concluded.
A Will, is sometimes called a "Last Will and Testament"
Used to transfer property you hold in your name to the person(s) and/or organization(s) you want to have it. A Will also typically names someone you select to be your Personal Representative (or "Executor") to carry out your instructions and names a Guardian if you have minor children. A Will only becomes effective upon your death, and after it is admitted to probate.
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Definition:
A form of ownership of property in which two or more persons share ownership (may be equal or unequal shares). At the death of a tenant-in-common, his/her share in the property transfers to his/her heirs, rather than to the other surviving owner(s). Compare with Joint Tenancy.
Incapacity / Incompetent
Definition:
Legally unable to manage one's own affairs due to mental disability. This may be temporary or permanent.
Trustee
Definition:
A person or institution responsible for the management and distribution of property held in a Trust. The trustee has the authority to act according to the instructions provided in the trust agreement. See Fiduciary.
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