Estate Tax

Does Texas Have an Inheritance Tax?

March 1, 2011

The short answer to the question is no. Before 1995, Texas collected a separate inheritance tax, called a “pick-up tax.” The tax did not increase the total amount of estate tax paid upon death. Rather, a portion of the federal estate tax, equal to the allowable state death tax credit on the federal estate tax [...]

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Deal or No Deal: The Estate Tax Debate Continues

December 13, 2010

If you’ve been keeping up with the estate tax debate, you’ve probably already heard that President Obama reached a tax cut agreement with Republicans last week. Part of the deal set the estate tax exemption amount at $5 million and the tax rate at 35 percent for individuals passing more than that to their heirs. [...]

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The Return of the Estate Tax

December 7, 2010

As I mentioned in Monday’s article, opponents of the estate tax are suggesting that if Congress does not address the estate tax in 2010, people with infirm family members will be considering tax law when making life or death decisions at the end of the year. Last week, comedian Stephen Colbert mocked the estate tax [...]

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For 98 Percent of Americans, Return of the Estate Tax is Nothing to Fear

December 6, 2010

If you’ve tuned in to your favorite television news show or read your local newspaper, you’re probably aware that the estate tax is about to return. And the opponents of the so-called “death tax” are portraying this as a very scary thing. For example, a few weeks ago, Wyoming representative Cynthia Lummis told reporters that [...]

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Estate Tax Monster Still Lurks

November 1, 2010

Halloween has come and gone, but estate tax monster still lurks. If Congress does not pass new estate tax legislation this year, estates valued at over $1 million will be subject to taxes of up to 55 percent starting on January 1, 2011. And according to Cynthia Lummis, the possible reinstatement of the estate tax [...]

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How Do I Figure Out the Value of My Estate?

August 9, 2010

In 2010, there is no estate tax. However, the estate tax is scheduled to return next year. Whether you will be required to pay federal estate tax will depend on the value of your gross estate, minus your debts and liabilities. Estate tax is due on the portion of a net estate that exceeds the [...]

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