More on the Great Estate Tax Debate

2:17 pm Uncategorized

Today, the Wall Street Journal’s Wealth Adviser section is dedicated to the great estate tax debate with a series titled with the question just about everyone concerned about estate planning has been asking:  What Should We Do With the Estate Tax?

The pro-estate tax debate is undertaken by Michael J. Graetz, a professor of law at Columbia and co-author of the book, Death by a Thousand Cuts: The Fight Over Taxing Inherited Wealth.  He argues that it is all a question of fairness; that the estate tax only affects a small number of Americans who can afford to give up a portion of their “windfall’ to help finance their government.

The anti-estate tax debate is taken up by Ed McCaffery, a professor of law, economics and political science at USC’s Gould School of Law and the author of Fair not Flat: How to Make the Tax System Better and Simpler. He says America should abandon the estate tax because it is a simple moral case of allowing people to keep what they earn.  McCaffrey also says that estate taxes incentivize Americans to “die broke”.

The last article is the series is a mash-up of advice from financial advisers around the nation, from which you may be able to glean a few nuggets of useful information.

Not all financial advisers agree on what to do – kind of like Congress – but what we all agree on is the importance of keeping informed about estate tax changes and the evolving law.  To do that, you can also contact our California estate planning law firm.

Let our Costa Mesa law offices help you get started by contacting us today.

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