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Tax Proposal Allows for Generational Wealth Transfer

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The initial tax proposal introduced in the House of Representatives by Republicans contains provisions that would allow the wealthy to easily transfer great sums of wealth to their heirs.

There has been a lot of talk by politicians and the media in recent years about income inequality and whether it is bad for society. This inequality occurs when there is a large gap between the amount the highest earners make and the amount those lower on the income scale earn.

These discussions naturally lead to arguments about income tax rates, minimum wages and safety net programs. However, many economists are...

Estate Tax Repeal Included in Tax Plan

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After much speculation, a repeal of the estate tax is included in the GOP tax reform plan.

Republicans have wanted to reform the federal tax system for a long time. They have rarely had the power to do so on their own. However, they have made all sorts of different proposals in anticipation they would someday have that power.

They have the power today and have recently proposed a comprehensive reform to taxes.

There has been a lot of speculation whether a repeal of the estate tax would be included.

Republicans have always wanted to repeal it. However, some thought...

Writing a Will Before a Transplant

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When a person writes a will, it can be the first time they think seriously about the possibility of their own death. This was the case for one famous kidney donor.

The entertainer Selena Gomez has Lupus disease. The disease can be very debilitating and result in many different medical complications.

For Gomez it resulted in her kidneys starting to fail and in needing a kidney transplant. Luckily for her, her best friend was a match and the friend agreed to donate.

The friend stated that she had to write a will, which was when she first thought about the...

College Endowments Could Be Taxed

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In a surprising move, the GOP tax plan includes a hit to one of the places where wealthy people like to contribute in their estate plans: college endowment funds.

Many wealthy people have hopes of leaving a legacy and using their money to do good things. While they donate to all sorts of different charities, many like to give money to their alma maters’ endowment funds.

Over the years, so much has been given to the most prestigious schools in the nation, that those schools have been criticized for charging high tuition when they have millions of dollars in their...

Preventing False Claims of Heirship

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Some people will go a long way in their efforts to claim that they are the heir to a valuable estate, when they are not really related to the deceased. That can be a problem.

Recently the remains of Salvador Dali were exhumed by an order of a court in Spain.

A woman named Pilar Abel claimed to be Dali’s daughter and entitled to a portion of his estate. She convinced the court to exhume the body, so DNA testing could be conducted.

As it turns out, the DNA testing revealed that Abel was not related to Dali.

It is...