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Author: TMFPMarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 78705  
Subject: Re: Estate / death taxes: was my grandfather foo Date: 4/14/2008 9:58 AM
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IS that the way things are? or was he foolish? he didn't like lawyers and their hourly rate / wind up to higher bills so that may be why he never went to one about estate planning. and his accountant may or may not have said anything.

Remember the Fram(?) oil filter commercials? "Pay me now or pay me later." And you haven't even seen yet what it's going to cost you to get through probate. Yes, he was lower-case foolish, but what's done is done.

seems like job security for lawyers - either pay the estate tax or pay a lawyer to protect your assetts? The lesser of 2 evils? and who makes laws - lawyers so when they get back into private practice, they have ensured work for the industry.

is the person paying millions in estate taxes the norm or exception?

The exception, because most people with estates worth worrying about plan for the estate tax. This is my biggest reason for being in favor of repeal. There's too much of an industry devoted to avoiding estate tax. I think those resources would be better directed elsewhere.

Not that you asked, but do not emulate your grandfather in handling the estate. Make sure that whoever is administering it gets competent legal/accounting help.

My condolences on the loss of your grandfather.

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