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When is a Birthday Not an Occasion for Celebration?

Tax discussionOne of the more controversial federal tax provisions recently reached a significant milestone. The estate tax is now 100 years old.

Once a tax becomes a century old, it might seem reasonable to assume that everyone agrees that it is a good thing. However, that is certainly not true of the estate tax. Its existence is likely to play a role in the 2016 Presidential election, just as it has in every recent Presidential election. Republicans continue to call for the abolition of the estate tax, while Democrats ask that it be strengthened.

The two sides could not be further apart on the issue. Republicans believe the tax hinders small business and family farmers, while Democrats believe the tax is important for revenue and to mitigate wealth inequality. Forbes reported on the estate tax’s birthday in a recent article, “Estate Tax Hits 100th Birthday And Paul Carron Calls For Many Happy Returns.”

Whatever your own thoughts are on the estate tax, it might be worthwhile to reflect on what it means that it has been with us for 100 years. It could mean that once a law is in place, even a bad law, that it is very difficult to get rid of it. It could also mean that the estate tax has become an integral part of our society, The two ideas are not mutually exclusive.

It is possible that in another hundred years, Americans will still be debating over the estate tax and whether it should exist at all. We do know that this is an issue that is unlikely to be resolved anytime soon.

Reference: Forbes (September 15, 2015) “Estate Tax Hits 100th Birthday And Paul Carron Calls For Many Happy Returns.”

 

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  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
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Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.