I recently came across an article by Arden Dale of Dow Jones Newswire, published on cantonrep.com which is not only hilarious, but also underlines the impending chaos facing estate planners. As many of you may know, the estate tax exemption is rising steadily (it is now two million dollars for an individual and four million for a married couple) until the year 2010 when the tax will be completely eliminated –only to revert to a tax of 55% of anything above the old one million dollar limit in 2011!
What is a competent estate planner to do? How does one plan to maximize the estate tax exemption for his or her heirs without contemplating suicide in the year 2010 –obviously the most financially advantageous year for a multimillionaire to die. Read on and enjoy –but don’t get any weird ideas!