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Home » Guardianship » Should a Tax Take More Than it Leaves Behind?

Should a Tax Take More Than it Leaves Behind?

August 6, 2012 by Larry Parman, Attorney at Law

There are changes to the current estate tax parameters that are scheduled to take place in 2013. At that time, the estate tax exclusion will be going down to $1 million (it is currently $5.12 million) and the maximum rate of the tax will rise from 35% to 55%.

When you see these numbers certain thoughts may come to mind. It is a pretty vast subject and a lot can be said about it, but we would like to look at a single facet here.

Assuming that there should be an estate tax at all (many people would argue that the tax should be permanently repealed), is a tax that takes more than it leaves behind to the rightful heirs to an estate a bit excessive?

Even people who are in favor of the estate tax may have to take pause before answering this question. If you started with nothing, worked hard all of your life, and found yourself in possession of some modicum of wealth, shouldn’t your loved ones inherit more of the taxable portion than the government?

This is an interesting topic and it is open to debate. However, no one could debate the fact that you certainly have the right to position your assets with estate tax efficiency in mind if you are, in fact, exposed to this federal levy.

Should you be interested in discussing tax efficiency strategies with an experienced professional, simply take a moment to pick up the phone to arrange for a consultation with a seasoned, savvy Oklahoma City estate planning lawyer.

Larry Parman
Author, President and Founding Attorney
Parman & Easterday

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Larry Parman, Attorney at Law
Larry Parman, Attorney at Law
Founder and Owner at Parman & Easterday
After helping his own family deal with a lengthy probate and the IRS following his father’s untimely death in a farm accident, Larry Parman made a decision to help families create effective estate plans designed to reduce taxes, minimize legal interference with the transfer of assets to one’s heirs, and protect his clients’ assets from predators and creditors.
Larry Parman, Attorney at Law
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Filed Under: Guardianship Tagged With: Charitable Remainder Unitrust, pet trusts, Social Security, trust administration

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