046 Don’t Get Whacked by the Estate Tax!

046 Don’t Get Whacked by the Estate Tax

(Complete Show Notes Below)


In the 46th episode of the Financial Procast:


LEGAL, INVESTMENT AND TAX NOTICE: This information is not intended to be and should not be treated as legal advice, investment advice or tax advice. No one under any circumstance should rely upon this information as a substitute for obtaining specific legal or tax advice from their own legal or tax advisors.

OPINIONS EXPRESSED are exactly that…opinions and are subject to change without notice. Information has been obtained from sources believed to be reliable, but its accuracy and interpretation are not guaranteed.

It Appears James Gandolfini's Family May Get Whacked by the Estate Tax

If your email inbox looks anything like ours over the past couple weeks, you've likely heard about the supposed estate tax issues that acclaimed actor James Gandolfini's family is going to have with the IRS and the state of New York in regards to a rather large estate tax bill.  For those that have missed the details, evidently Mr. Gandolfini's estate is worth more than $70 million and it would appear that his Estate Plan leaves a bit to be desired.

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Life Insurance Companies Love the Estate Tax

Life Insurance Companies Love the Estate Tax

I bet you didn’t know how much the life insurance industry really loves having the estate tax stick around?  Yes indeed…according to a recent report on the fox business channel, life insurance companies spent $60 million in the last six months lobbying for the estate tax to stick around.

Why in the world would they do a crazy thing like that?

Well, you see selling large permanent life insurance policies to people who have estate tax issues is a tried and true business model for life insurance companies.  In fact, the clip from Fox points out that life insurance companies generate a significant amount of revenue as a result of the estate tax sticking around.  They say in the interview that the revenue generated by life insurers is 66% of what the federal government takes in for estate taxes.

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2013, The Estate Tax, and You

2013, The Estate Tax, and You

The Estate Tax is set for a nasty reset come the end of this year if Congress does not act to extend current legislation, or create new. We've steered clear of political discussions on the Insurance Pro Blog, and we still intend to do that. Today's discussion will attempt to be as objective on the topic as possible, and bring our perspective to the table about what a regression to a $1 million dollar exemption and a 55% top marginal rate will mean to you.

Keep Reading2013, The Estate Tax, and You