How Will 2011 be Different Than 2010?

We understand that the last thing that you want to think about after the tragic and untimely death of a loved one is taxes.  However, estate taxes can have a large impact on your future financial situation.

2010 is a Unique Year

This year, and for only this year, there is no federal estate tax due to a complicated law passed by Congress.  If your loved one has passes away between January 1, 2010 and December 31, 2010 you do not need to worry about federal estate taxes – you owe none.  However, that will all change again on January 1, 2011.

2011 is a Different Story

Beginning in 2011, estate taxes will return to 2001 levels unless Congress acts. 2001 levels would exempt only the first million dollars from estate tax and tax all assets over one million dollars at 55%.  President Obama has introduced legislation to change that and exempt the first $3.5 million dollars and impose a 45% tax on amounts over that.  The House has approved the legislation but so far the Senate hasn’t acted.

Part of the tragedy of a wrongful death is that it is difficult, if not impossible, to predict.  There is no chance to say goodbye or plan for the family’s financial security. For this reason, it is important to know about estate taxes and to talk to your legal advisors about how they may impact your family before a tragedy strikes.

How to Find a Good Attorney?

Choose a strong, experienced wrongful death lawyer to represent your loved one’s estate. Having an experienced wrongful death attorney protects your rights against anyone who contributed to the loss of your loved one. more...