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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Taxboy who wrote (853)	3/30/1998 11:04:00 PM
From: Colin Cody	Read Replies (2) \| Respond to of 5810

Taxboy, Clearly estate taxes are NOT pointless. They were DESIGNED to and IN PRACTICE THEY DO, redistribute wealth from the wealthy to the gov't, who in turn distributes it to the poor. . The Estate tax is a voluntary ADMISSION, but to imply that everyone with a few thousand bucks or so to pay an excellent planner will have eliminated all death taxes, while all others are shmendriks is an outrageous statement to make. . It is NOT even DESIRABLE to avoid ALL ESTATE TAXES. Every day people with estates valued from $1m to $100m die and leave their estates to pay some estate taxes. This isn't from lack of planning, but by design. . Good planning does not mean all taxes must be eliminated. There is a law of diminishing returns that I use when doing tax planning with clients. ALL their needs and the needs of their families are BALANCED with the work of minimizing taxes which includes CURRENT income taxes as well as FUTURE Estate taxes: both Federal and State and Overseas. . Colin

To: Taxboy who wrote (853)	3/30/1998 11:51:00 PM
From: OtherChap	Read Replies (1) \| Respond to of 5810

>the only people paying estate tax are those who are too foolish not >to do some planning. incorrect.. for very large estates, paying estate tax is unavoidable without getting gigantic insurance polices or establishing a foundation.. there is really no good way to give it to your children.. witness the Biltmore estate in north carolina, america's largest private home.. the last direct heir is like 89 years old, and when he dies the taxes due on his estate will be in the 30 million dollar range.. there is no way his children can come up with that kind of cash, so they are going to be forced to convert it into a public estate.. "oh, but the rich can get around the estate laws" is not true by a longshot.. when forbes died, his family was in a heap of tax-pain because his company was privately held and the taxes were hundreds of millions.. nobody would give them life insurance for such a huge amount..