tag:blogger.com,1999:blog-14245531.post114339756244686818..comments2023-11-18T01:21:55.631-05:00Comments on My Open Wallet: Inheritance... or lack thereofMadame Xhttp://www.blogger.com/profile/11536189690094235926noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-14245531.post-1143475747567265292006-03-27T11:09:00.000-05:002006-03-27T11:09:00.000-05:00Keep in mind that frequently a large portion of es...Keep in mind that frequently a large portion of estate size is in tax-advantaged retirement accounts.<BR/><BR/>Thus the actual taxable estate size may be much larger than what will come out of the estate.<BR/><BR/>I'm amazed that people <I>don't</I> make more of a fuss about the estate tax.<BR/><BR/>I've recently seen the results of a lifetime of toil frittered away in taxes right as the decedent reached retirement age, because of fundamentally unjust treatment of accumulated wealth in retirement accounts. <BR/><BR/>An estate of more than $1M or $2M isn't particularly large if the bulk of the estate is in tax-advantaged retirement plans. The pre-tax value of these plans is counted toward estate size for estate tax purposes, but in many cases the accounts must be liquidated and are then taxed again.<BR/><BR/>If one hopes to pass money on to his children, this is a slap in the face for acting and saving responsibly.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1143407205565849992006-03-26T16:06:00.000-05:002006-03-26T16:06:00.000-05:00You said "the tax only affects estates of more tha...You said "the tax only affects estates of more than $1 million in taxable value". True, and the exclusion amount will continue to increase until January 1, 2010. In 2010 the estate tax is repealed. Yea!! (at least for one year - it reverts back to $1million in 2011).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1143406509961298982006-03-26T15:55:00.000-05:002006-03-26T15:55:00.000-05:00A friend lost her Father a year ago and was shocke...A friend lost her Father a year ago and was shocked to discover his net estate was worth less than $10,000. She had expected to inherit more than ten times the amount.Anonymousnoreply@blogger.com