Our featured author, Barry Ritholtz, begins by sharing a tale about a left-leaning friend who’s found a reason to be glad about President Donald Trump: neither of them sees any good coming from estate taxes.
The curious case of an ultra-liberal rubbing virtual shoulders with the man commonly characterized as king of the modern-day robber barons becomes clear in an instant: our radical maven stands to inherit a considerable fortune.
Meanwhile, the right-wing Washington Examiner recently described the estate tax as “the grim reaper of family-owned businesses.” This is perhaps the commonest argument against the death duty. Self-interest is likely truer to form, but the honesty of our leftist heir-apparent is striking in its singularity. In any case, Ritholtz thinks the whole estate-tax palaver is overplayed – a case of sound with little fury.
There are plenty of tax issues to worry about, but estate taxes are the least of your worries, Ritholtz says. The exemption limit is elevated and if necessary, strategies are available to avoid the tax altogether. These can be complex, he cautions, but are doable at an affordable price. There’s no need to suffer any further from inheritor’s anxiety issues, he says.
Disinformation about the estate tax issue is rife, Ritholtz claims. A good deal of his article is spent on shredding the Washington Examiner’s claims that the estate tax kills business. Very few people ever have to pay the estate tax and if you’re at all vulnerable, it’s time to seek the advice of a financial planning expert – solutions are readily at hand.
For more information, please read:
Estate Tax Gets More Attention Than It Deserves | ThinkAdvisor