March 7, 2021

Bucks Blog: The Estate Tax Saga That Never Ends

Paul Sullivan’s topic this week in his Wealth Matters column is estate taxes — specifically taxes on the assets of the wealthy who died in 2010, the year the estate tax lapsed.

When President Obama and Congressional Republicans agreed to reinstate the taxes this year, they also decided to give heirs of those who died in 2010 a choice: file an estate tax return under the new law or opt out and be subject to a different set of taxes. And figuring out those different taxes has turned out to be a major headache, Paul writes, in part because the Internal Revenue Service has not yet completed the form that must be used for filing the alternate taxes.

Yes, this is a problem for the very wealthy. But the trials and tribulations of the rich and famous are often interesting to the rest of us. Take note that among the billionaires who died in 2010 were Dan L. Duncan, an oil tycoon whose estate was the subject of this Times article, and George M. Steinbrenner, who owned the New York Yankees.

Tell us your nightmare tax tales below, in the comments section.

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