You are using an outdated browser.
Please upgrade your browser
and improve your visit to our site.
Skip Navigation

Your Children Are Lucky If You Die Next Year. That Is, If You're Very Rich.

And if you're planning to die make sure the event is in 2010.

The Wall Street Journal reports this morning that "Effort to Extend Estate Tax Fails." Alas, the Senate Democratic leadership failed to put it all together to extend the present tax which was initiated in 2001 and expires on January 1. So there will be no death levy at all on anyone who kicks the bucket next year, no matter how wealthy the deceased and how flush his descendants.

I read once somewhere that some extremely rich were planning their deaths, if necessary by suicide, to catch the window of opportunity which may be once in a lifetime.

Currently the estate tax exclusion is $3.5 million. Next week: everything.