Posts tagged "Estate Tax"
New England Patriots' cornerback Malcolm Butler is living the dream. He had arguably the biggest play in Super Bowl XLIX; an interception at the Patriots' one yard line that essentially sealed the victory and turned the Seattle Seahawks away from scoring the winning touchdown that would have given the Seahawks their second consecutive championship.
Now that the holidays are here, many people are wondering how to complete their shopping without blowing their budget. Others are considering how to maximize their end-of-year charitable giving so that their tax bills will be manageable come April. With tax planning in mind, it is helpful to talk about the annual gift tax exclusion, as well as the federal estate tax exemption.
The death of famed comedienne Joan Rivers was a shock to the entertainment world. Rivers had a remarkable career and had to reinvent herself more than once to stay relevant in the industry she loved. Even to the very end, Rivers had a schedule that many comedians half her age would envy. Her busy schedule and network of endorsements helped her amass a hefty fortune. According to a trustadvisor.com report, her estate is estimated at being worth $290 million. Other publications suggest that it could $150 million. Nevertheless, Rivers always joked that everything would be left to her daughter, Melissa. It appears that Rivers stayed true to her word.
It’s not often that the Internal Revenue Service admits making mistakes. After all, the IRS is probably used to exposing taxpayer mistakes when it comes to reporting income. But according to a recent Forbes.com article, it is being reported that the IRS made a mistake when valuing the estate of the Michael Jackson. Initially, the tax sought on the late King of Pop’s estate was $702 million, which was more than six times the amount reported on the estate tax return submitted by Jackson’s legal team.