YOUR DEATH TAX IS HEADED UP

New York Post ^ | 7/22/02 | STEPHEN MOORE

[kattracks]

July 22, 2002 -- TRI-STATE area residents looking forward to the end of the onerous federal estate tax, beware: In New York, New Jersey and Connecticut (and 17 other states) the death tax will actually go up, not down next year.

[StockAyatollah]

Geesh. The last thing we need in Florida is more NYers! But when we have the demoRATs controlling the House, Senate and White House by 2008, any of what little tax relief W accomplished will be history anyway. On the bright side, given what's happening in the equity markets, estates will be tiny anyway.

[Blood of Tyrants]

Let me get this right. The feds take 55% and NY takes 50%? So it costs you 105% of everything you own to die? If I had no heirs, I would sooner burn my money than leave it to the government.

[ReadMyMind]

I don't know about state law in NY, but in Minnesota, it is not a death tax, it is a stupid-lazy-unprepared tax. There is no reason to pay any estate tax. There are so many loopholes in the estate tax law that a person who is willing to spend a small amount of money and time can prepare their estate and completely avoid death taxes.

If you've got more than $500,000 in your estate, look into the wide variety of trusts that can be set up with the help of professional estate planners (attorneys).

[Free the USA]

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