Taxes: States Step Up To Grab Estate Taxes
I’ve mentioned it time and time again. Taxes with the government can be likened to a balloon filled with air that you begins to change and move when you press on the balloon. Politicians in their greed for power use taxes like a game to pepper special interest groups with money and funds to keep them in office. Since most people believe that Estate Taxes/Death Taxes are for only the wealthy, the idea of it coming back in 2011 at $1 Million is a rude awakening. But dig a little deeper and read the article attached and you fill find that the state’s are now filling the void and taking your hard earned money when you pass away.
So what do you do? Plan for it and use strategies to minimize the impacts of taxes. Also, understand that taxes and tax planning are a continual item and your investment professional should be the one advising you–not the tax accountant who only sees the taxes after they are completed and are ready to be filed.
