Families in the agriculture business in Texas may run into problems when it comes time to pass the estate on to another. Though estate tax planning woes have been somewhat reduced by the fact that $5.3 million worth of property can change hands without estate taxes, one expert says that growing … [Read more...] about Estate tax planning and other issues complex for farmers
Moving money can create tax shelters for the wealthy
It's no surprise that the wealthiest Americans take every legal opportunity to evade estate taxes. As one billionaire put it, no one wants to pay taxes on money more than one time. You don't have to be a billionaire to take steps toward asset protection, especially when planning your estate. Wills, … [Read more...] about Moving money can create tax shelters for the wealthy
IRS serves Michael Jackson estate with $702M tax bill
The IRS recently targeted the estate of late performer Michael Jackson with a bill for $505.1 million in taxes with $196.9 million in tax penalties, citing millions of dollars worth of Jackson's assets and holdings, including his 50 percent share in the massively successful Sony/ATV music catalog. … [Read more...] about IRS serves Michael Jackson estate with $702M tax bill
Protecting assets from estate taxes takes planning
For individuals and families in Texas with substantial financial assets, estate tax planning is an important concern. A new federal law passed earlier this year, referred to as the American Taxpayer Relief Act, has established that the amount excluded from federal estate taxes is $5 million, and … [Read more...] about Protecting assets from estate taxes takes planning
Magnate’s estate disputes IRS assessment of baseball team value
The surviving family of billionaire businessman Carl Pohlad is arguing that the Internal Revenue Service's valuation of a Major League Baseball team he owned is inaccurate and has subjected his son to wrongfully inflated estate tax payments. The late magnate's heir, Jim Pohlad, argues that the IRS … [Read more...] about Magnate’s estate disputes IRS assessment of baseball team value
Texas congressional representative sponsors estate tax repeal
A Republican representative from Texas and another senior GOP senator have introduced bills that would permanently repeal the federal estate tax, legislation that closely mirrors measures the pair raised when Congress was last in session. The effort to eliminate the estate tax has drawn support from … [Read more...] about Texas congressional representative sponsors estate tax repeal