046 Don’t Get Whacked by the Estate Tax!

046 Don’t Get Whacked by the Estate Tax

(Complete Show Notes Below)

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In the 46th episode of the Financial Procast:

 DISCLAIMER:

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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An Introduction to Estate Planning

An Introduction to Estate Planning

Estate planning is a subject that traditionally incites images of stuffy topics that require obtuse attorneys who spend all of their time fascinating over abysmal tax implications.  While this assumption about the topic isn't unwarranted, it's a tad incomplete.  Estate planning is a subject that will infiltrate everyone's life and how you choose to address it will make a dramatic difference in the lives of those who have to deal with your matters once you have passed away.

Today I'm not all that interested in detailing depth, as much as I'm interested in presenting a few key concepts that will hopefully adjust some thinking and make everyone realize that like it or not, all roads lead to estate planning.

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