Estate Tax Increase Would Add Billions In Revenue, Say Wealthy Progressives

Estate Tax Increase Would Add Billions In Revenue, Say Wealthy Progressives

WASHINGTON - A coalition of three dozen ultra-wealthy progressives, including billionaire Warren Buffett, former President Jimmy Carter, philanthropist George Soros and former Treasury Secretary Robert Rubin, launched a new effort Tuesday to press members of Congress and the White House to raise the estate tax in order to provide additional revenue for the federal budget.

"A substantial estate tax can provide revenues at a time when our federal government badly needs revenues … and the estate tax will do this without an adverse effect," Rubin said on a conference call organized by the progressive group, Responsible Wealth.

The 2012 Federal Estate Tax Exemption Allows Individuals to Pass $5.12 Million and Couples to Pass $10.24 Million to Loved Ones Without Having to Pay a Federal Estate Tax by Austin Texas Estate Planning Lawyer and Austin Texas Family Wealth Protection Lawyer

The Federal Estate Tax currently allows a person that has not used their life time gift tax exemption to give away money assets up to the Federal Estate Tax Exemption at death without charging any tax on that amount.  The Federal Estate Tax Exemption for 2012 is $5.12 million which means that in 2012 only estates valued over $5.12 million will be charged a Federal inheritance tax and those estates over $5.12 million will only pay a 35% Federal inheritance tax on assets over the $5.12 million exemption.

For example a person that has an estate valued at $7.12 million and has not used any of their life time gift tax would be subject to the Federal Estate Tax on $2 million and would have to pay approximately $700,000.00 in estate taxes.

However, it should be kept in mind that for 2012 the Federal Estate Tax Exemption has become portable.  As such, each spouse has $5.12 million that can in many case be added together to create a $10.24 million Federal Estate Tax Exemption.  In other words, the estate of a deceased spouse can transfer to the surviving spouse any portion of the federal estate tax exemption that it does not use. The surviving spouse’s estate can then add that amount to the exemption it is entitled to, increasing the total amount that can be passed on to heirs tax free.

For example a married couple that has an estate valued at $10.24 million, has not used any of their life time gift tax, and properly uses the portability of the Federal Estate Tax Exemption would not have to pay any Federal estate tax.  Likewise, the same married couple with an estate of $12.24 would be subject to the Federal Estate Tax on $2 million and would have to pay approximately $700,000.00 in estate taxes.

Families interested in protecting their wealth should stay advised as to changes in the law that could impact their ability to protect their family's wealth.  One such change may be the change in the Federal Estate Tax Exemption that may automatically take place at the end of 2012, unless new legislation is passed.

Revocable and Irrevocable Trusts Can Be Effective Methods of Transferring Wealth, But Can Be Complicated and Cause Unintended Results by Austin Texas Trust Lawyer Jason S. Coomer

Revocable and Irrevocable Trusts by Austin Texas Trust Lawyer Jason S. Coomer

By creating a revocable or irrevocable trust, families can often protect their wealth from taxes, Medicaid and public disclosure, however, it is important to understand the type of trust that is being created and potential dangers of creating a trust prior to placing assets in a trust.

The main danger of a trusts is losing control of assets.  In creating a trust you are moving ownership of assets from yourself to a trust and are avoiding public disclosure of information.  Both of these actions can create the potential for a trustee or successor trustee to take control of assets.

The Revocable Living Trust Can Prevent Public Disclosure of Asset Information By Avoiding Probate or a Guardianship
 

 The Revocable Living Trust is an arrangement by which a person transfers ownership of their assets property into a trust throughout the course of their lifetime.  The person or persons transferring their assets are know as the Settlor is typically the Trustee and the Beneficiary of the trust during his/her life. This allows the Settlor to retain control of their assets as Trustee or to revoke the trust altogether and go back to managing the assets as an individual. The main benefit of a Revocable Living Trust is that it can avoid the need for probate or a guardianship that would require the public disclosure of assets.  However, this privacy and lack of disclosure can also create potential dangers including successor trustees trying to take the settlor's trust assets through incompetence challenges and successor trustees not distributing trust assets to beneficiaries.  Understanding the trust and giving copies of the trust document to all beneficiaries are typically important to protect from problems with successor trustees.

Irrevocable Trusts Can Help Protect Family Assets But Restrict A Person's Future Use of The Assets Put Into The Trust

Irrevocable Trusts including Medicaid Trusts, Irrevocable Life Insurance Trusts (ILITs) and other irrevocable trusts limit the control of the settlor over the assets put into the trust in order for the trust to accomplish a particular purpose. These trusts can be beneficial including allowing a person to qualify for Medicaid benefits without draining a family's assets or avoid estate tax implications, but the irrevocable trust can also result in a person losing control of their assets. 

It is vitally important that any person creating an irrevocable trust understand why the trust is being created and the future limitations that will be on their assets once the irrevocable trust is created.

Financial Fraud Against the Elderly is on The Rise Resulting in Billions of Dollars Being Stolen From Seniors and Their Families by Texas Elder Financial Abuse Fraud Lawyer, Texas Guardian Fraud Lawyer, Texas Trust Fraud Lawyer, Texas Family Inheritance Fraud Lawyer, and Texas Alleged Elder Financial Abuse Lawyer Jason S. Coomer

Financial Fraud Against the Elderly is on The Rise Resulting in Billions of Dollars Being Stolen From Seniors and Their Families by Texas Elder Financial Abuse Fraud Lawyer, Texas Guardian Fraud Lawyer, Texas Trust Fraud Lawyer, Texas Family Inheritance Fraud Lawyer, and Texas Alleged Elder Financial Abuse Lawyer Jason S. Coomer 

Financial elder abuse and financial fraud against the elderly are on the rise and was estimated to be at approximately $3 Billion in 2010.  More and more elderly persons are becoming victims of financial fraud and financial elder abuse.  Many of these acts of financial fraud, financial elder abuse, and exploitation of the elderly are committed by family members and caretakers that have access to an elderly person's finances.  While some of these financial transfers are authorized by the elderly person, many are not. 

Most Elder Financial Abuse Involves a Family Member, Caretaker, Stock Broker, Financial Planner, or Financial Adviser by Texas Guardian Fraud Lawyer, Texas Power of Attorney Fraud Lawyer, Texas Alleged Elder Financial Abuse Fraud Lawyer and Texas Alleged Elder Financial Abuse Lawyer 

 

A recent study has found that Financial Elder Abuse and financial fraud against the elderly are on the rise.  Further, that most elder financial abuse crimes involve a family member, financial planner, financial adviser, or caretaker.  This elder financial abuse and fraud is most commonly committed against woman over 80 years old.  This financial exploitation of elderly persons can include changes in investments; buying real property and vehicles for people; large cash withdraws; selling inherited real estate; gifting mineral interests; excessive use of ATM or credit cards; unnatural changes in a will, power of attorney, beneficiary designations or financial documents; documents signed under duress; theft of valuables or money; transfers of money, mineral interests, oil royalties, or assets; forgery of checks, financial transaction documents, or other documents; isolation from family, friends, community, or other stable relationships; and use of medications to subdue the elderly person.

For more information on Texas Elder Financial Fraud, please go to the following website: Texas Elder Financial Abuse Fraud Lawyer, Texas Guardian Fraud Lawyer, Texas Trust Fraud Lawyer, Texas Family Inheritance Fraud Lawyer, and Texas Alleged Elder Financial Abuse Lawyer.

Many Families have Spread Out Across The United States and Throughout the World, Therefore it is Often Helpful to Hire a Texas Probate Lawyer to Assist with the Texas Probate Process and to Handle Texas Inheritance and Estate Issues by Austin Texas Inheritance Lawyer, Texas Will Probate Lawyer, Austin Texas Probate Lawyer and Austin Texas Estate Asset Collection Lawyer Jason S. Coomer

Many Families have Spread Out Across The United States and Throughout the World, Therefore it is Often Helpful to Hire a Texas Probate Lawyer to Assist with the Texas Probate Process and to Handle Texas Inheritance and Estate Issues by Austin Texas Inheritance Lawyer, Texas Will Probate Lawyer, Austin Texas Probate Lawyer and Austin Texas Estate Asset Collection Lawyer Jason S. Coomer

 

Many families have spread out throughout the United States and around the World.  For many families, gone is the time where several generations live with in a few miles of each other in the same town, city, or county.  This lack of proximity can make it difficult, when a family member in Texas passes away. For the family member that lives out of state and has never been through the Texas probate process, Texas probate law and Texas probate courts can be overwhelming.  At a time when they want to grieve the loss of their loved one, they are forced to deal with difficult probate issues including:

    1) Who should be in control of their loved ones' estate?
    2) What needs to be done to have an administrator or executor appointed?
    3) What is probate & non-probate property?
    4) What should be done to protect estate property?
    5)  How are estate assets collected?
    6)  What can be done with Estate property?  

    7) Can assets be sold or transferred?

 

It is often helpful to speak with and hire a Texas probate lawyer to help take care of many of the probate issues.  A Texas probate lawyer can help "out of town" relatives  through the probate process and taking care of the estate.  This is extremely helpful when relatives and loved ones want to focus on the grieving process instead of learning Texas Probate Law and navigating Texas Probate Courts.  Hiring a Texas contested probate lawyer can also be extremely important when someone has tried or may try to unlawfully take estate assets that do not belong to them.

The Texas Eagle Ford Shale Is Expected to Bring Wealth To Many Texas Families, However Title Issues, Probate Issues, and Inheritance Issues May Cost Some Significant Wealth and Their Rightful Inheritance by Texas Eagle Ford Shale Oil Royalty Lawyer, Texas Eagle Ford Shale Inheritance Lawyer, Texas Eagle Ford Shale Mineral Interest Lawyer, & Texas Eagle Ford Shale Probate Lawyer Jason S. Coomer

The Texas Eagle Ford Shale Is Expected to Bring Wealth To Many Texas Families, However Title Issues, Probate Issues, and Inheritance Issues May Cost Some Significant Wealth and Their Rightful Inheritance by Texas Eagle Ford Shale Oil Royalty Lawyer, Texas Eagle Ford Shale Inheritance Lawyer, Texas Eagle Ford Shale Mineral Interest Lawyer, & Texas Eagle Ford Shale Probate Lawyer Jason S. Coomer

The Eagle Ford Shale in central Texas promises to bring a large amount of money to the owners of real estate in the Eagle Ford Shale region including mineral right owners, royalty interest owners, and working interest owners.  However, determining the rightful owners of Texas real estate and mineral interests is not always easy.  Title to mineral interests, royalties, and real estate can be clouded or contested by probate issues, tax issues, will fraud, inheritance issues, real estate fraud, and transfer issues. Understanding these issues and obtaining clear title to property will be crucial for many families in being able to collect wealth.  

Texas Mineral Interest Intestate Law, Texas Oil Royalty Inheritance Lawsuits, and Texas Real Estate Inheritance Lawsuits by Texas Eagle Ford Shale Inheritance Lawyer, Texas Inheritance Lawyer, Texas Oil Inheritance Lawyer, & Texas Oil Probate Lawyer Jason S. Coomer 

 

Determining who inherits a person's property and possessions under Texas intestate law (died without a Will), often depends on whether the person was married at the time of their death and the relatives that the person leaves behind.  Marriage can be a complicating factor in determining inheritance under Texas law because intestate inheritance is based on the nature of the property as either community property or  separate property as well as the make up of the decedent's family including children and surviving heirs.  For more information on Texas Inheritance of Oil Royalties, Mineral Interests, and Real Estate please go to the following Web Page on Texas Heirship Laws and Determining Heirs when no Valid Will exists.

Texas Mineral Interest Will Contest Lawsuits, Texas Oil Royalty Breach of Fiduciary Duty Executor Fraud Lawsuits, and Texas Real Estate Will Lawsuits by Texas Eagle Ford Will Probate Lawyer, Central Texas Will Probate Lawyer, Texas Eagle Ford Probate Lawyer, & Austin Texas Will Lawyer Jason S. Coomer

After a person dies, the Will and a death certificate need to be filed in the probate court or county court where the decedent resided when they died.  After both the Will and Death Certificate are filed with the proper court, a hearing has to held where the death of the decedent is proven, the Will is to be determined to be valid, and the executor is sworn in and appointed.  

This process is called probate a Will.  It is often helpful to have a probate lawyer assist at the executor at court in proving that the decedent actually died, the Will is valid, and the executor is qualified and able to serve as the executor.  Once the Will is probated and the executor is appointed the probate attorney assists in making sure that proper notices are given to creditors, locating assets, and preparing an inventory which needs to be filed with the court.   For more information on Texas Will Probate Proceedings feel free to go to our web page on Central Texas Will Probate Lawyer.

Texas Mineral Interest Will Contest Lawsuits, Texas Oil Royalty Breach of Fiduciary Duty Executor Fraud Lawsuits, and Texas Real Estate Will Lawsuits by Texas Eagle Ford Will Contest Lawyer, Central Texas Will Contest Lawyer, Texas Eagle Ford Will Fraud Lawyer, & Austin Texas Will Contest Lawyer Jason S. Coomer

 

A Will Contest occurs when there is something wrong with a Will.  In some instances the Testator did not have actual "testamentary capacity" or "testamentary intent" to draft a proper Will.  In such a situation the Will is not valid and interested parties including a beneficiary or heir that was disinherited or lost inheritance through the invalid Will can contest the Will as being invalid.  For more information on Will Contests go to our web page on Texas Will Contest Lawsuits.

 The Texas Eagle Ford Shale Will Bring Fraud, Probate Issues, and Inheritance Issues: Families Should be Careful To Protect Their Mineral Interests and Rightful Inheritance by Texas Eagle Ford Shale Probate Lawyer, Texas Eagle Ford Shale Inheritance Theft Lawyer, Texas Eagle Ford Shale Clear Title Lawyer, & Texas Eagle Ford Shale Probate Litigation Lawyer Jason S. Coomer

The Eagle Ford Shale is a large deposit of black calcareous shale with a high organic carbon content that outcrops in a northeast-southwest trending band through central Texas. In 2008 new technologies were used to start production on the Eagle Ford Shale which started a rush of Texas landmen to begin leasing mineral rights and drilling companies to begin drilling on the Eagle Ford Shale.  Eagle Ford Shale drilling technology typically requires both horizontal drilling and hydraulic fracturing to increase production and make the well profitable. The high carbonate content of the Eagle Ford Shale makes the brittle rock respond favorably to hydraulic fracturing.

There are numerous Texas Landmen and Oil Companies that are and have offered leases with oil lease bonuses, royalty interests, and other terms to clear title owners of mineral interests.  If your family owns substantial land on the Eagle Ford Shale, be careful in dealing directly with Texas Landmen and Oil Companies as some may be attempting to buy mineral interests at a very low price when the value of the mineral interests may be substantial.  Also, be aware of probate and inheritance issues that may cause title issues or allow fraudulent individuals to steal rightful inheritance.

A Tremendous Amount of Wealth Will Pass Through the Probate Process and Inheritance in the Next 20 Years: Each Year Over $200 Billion Currently Passes Through Inheritance and in the Future Trillions of Dollars Will Be Transferred Through Inheritance by Texas Probate Lawyer, Texas Inheritance Lawyer, and Texas Probate Litigation Lawyer Jason S. Coomer

A Tremendous Amount of Wealth Will Pass Through the Probate Process and Inheritance in the Next 20 Years:  Each Year Over $200 Billion Currently Passes Through Inheritance and in the Future Trillions of Dollars Will Be Transferred Through Inheritance by Texas Probate Lawyer, Texas Inheritance Lawyer, and Texas Probate Litigation Lawyer Jason S. Coomer

It is estimated that in the United States over $200 Billion each year is passed down through inheritance to heirs and beneficiaries.  It is expected with our aging population, that the amount of inheritance that will be passed through the the probate system and inheritance in the United States will continue to increase in the next 20 years as Trillions of Dollars in wealth will be passed on through inheritance. Often the transfer of this wealth can be disputed and hotly contested by family members as well as opportunists that are attempting to steal family wealth resulting in heated litigation battles.  The key to avoiding these heated legal battles that can rip families apart or to winning probate legal battles is proper estate planning and entrusting the right people with fiduciary duties.  However, this can often be difficult because many people do not like to contemplate their own death and it is often difficult to foresee changes in relationships and circumstances that take place five, ten, or twenty years in the future.

Hiring An Experienced Texas Probate Lawyer Can Help Protect Family Wealth From Theft, Fraud, and Loss by Texas Probate Lawyer, Texas Inheritance Lawyer, and Texas Probate Litigation Lawyer Jason S. Coomer

Through Wills and intestate laws, Texas courts will determine who are the proper heirs and beneficiaries to a tremendous amount of wealth including commercial property, mineral interests, vacation homes, stocks, bonds, golds, and other valuables.  For this reason, many people that have no experience with the probate process or inheritance will be faced with numerous decisions regarding family inheritance.  They will be making probate decisions regarding estates with hundreds of thousands or millions of dollars worth of assets.  It is therefore extremely important to hire an experienced Texas Probate Lawyer that is able to clearly explain the probate process and be able to help guide the grieving family through the probate court.  This is especially true for inexperienced heirs and beneficiaries as well a family members that do not live in Texas or in the United States.

End of Life Wishes and Guardianship Issues

All too often families will avoid the discussions of end of life wishes and guardianship issues until an urgent life and death decision needs to be made.  At that time, family members will face difficult decisions and can sometimes start fighting over emergency life and death decisions of their loved one.  These end of life guardianship battles can be extremely nasty and permanently rip families apart.

As such, it is typically best to have a Texas Directive to Physicians or Advance Directives (formerly called Living Will).  It is a written statement of your wishes regarding the use, withholding or withdrawal of life-prolonging treatment, nutrition and hydration.  If you have a terminal condition and are incapable of making decisions for yourself at that time, this medical directive will help guide your family as to how you wish to proceed.   Additionally, you may want to designate a person or persons that know your specific wishes with a Medical Power of Attorney, Springing Durable Power of Attorney, and HIPPA Authorization.  Anyone that goes into a hospital for surgery should probably have a person that can watch out over them in the hospital and make sure that they have the above documents just in case.  

Below is an interesting article on end of life issues that provides an interesting perspective on this topic.

Death With Dignity: How Doctors Die - Mind & Body - Utne Reader

"Almost all medical professionals have seen what we call “futile care” being performed on people near the end of life. The patient will get cut open, perforated with tubes, hooked up to machines, and assaulted with drugs. All of this occurs in the intensive care unit at a cost of tens of thousands of dollars a day. What it buys is misery we would not inflict on a terrorist. I cannot count the number of times fellow physicians have told me, “Promise me if you find me like this that you’ll kill me.”

Read more: http://www.utne.com/mind-body/death-with-dignity-zm0z12mjzros.aspx#ixzz1u1AKaCH8