December 2009 Issue
Season's Greetings
New Year's Resolution
We're not promising that we are going to lose weight, give up candy or to run a marathon in 2010 but we do have a New Year's Resolution.
It's to keep you up-to-date with the latest news relating to tax & estate planning.
In addition to publishing this newsletter monthly, we are also adding a blog to the Bartsch Law website.
We will keep you posted on this via the website and newsletter, so make sure you bookmark the website now!
Have a question?
If you have a question that is not answered, either in our newsletter or blog, then just click here and send us an email.
"Nothing is certain except Death and Taxes"
Daniel Defoe is credited with first quoting something similar when, in 1726 in The Political History of the Devil, he wrote: "Things as certain as death and taxes, can be more firmly believed."
However, it was Benjamin Franklin who wrote the more familiar version: "'In this world nothing can be said to be certain, except death and taxes."
But my favorite is a version is Margaret Mitchell's, from her book Gone With the Wind, 1936: "Death, taxes and childbirth! There's never any convenient time for any of them."
Speaking of Death and Taxes:
On December 3, 2009 the House passed the Permanent Estate Tax Relief for Families, Farmers and Small Business Act of 2009 (PETRFFSBA). The Act would make the $3.5 million estate tax exemption and the 45% estate tax rate permanent. It also continues the existing rules that permit estates to pass on property with a stepped-up basis. The question now is what will the Senate do? Some Senators prefer an extension while others support a $5 million exemption with indexing for inflation and a top estate tax rate of 35%. If the Senate fails to act, then the estate tax is repealed on January 1, 2010 and is followed on January 1, 2011 by reinstatement of a $1 million exemption and 55% top rate. Stay tuned! With all of these uncertainties it is more important than ever to plan ahead! . . . and we can help.
Call Bartsch Law (925) 456 6001 |
