Shielded from the Tax Man
Timing is everything, even in death. The children of Elizabeth Edwards will pay no estate tax on the wealth their mother left them after succumbing to cancer Dec. 7, and they have Republicans to thank. The GOP was mostly responsible for getting the federal estate or death tax phased out as part of the Bush tax-cut package. For 2010 the death tax rate was zero. Because of when Edwards passed away, the $1.5 million estate she left Cate, Emma Claire and Jack won’t be subject to the death tax. According to the Raleigh News & Observer, Edwards likely has other assets in a trust for her children. No mention of estranged husband John in her will, to no one’s surprise — except maybe his.
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Sorry, Mark you are wrong. Starting immediately, each person can now transfer up to $5 million ($10 million per married couple) free of estate tax. The maximum estate tax rate is reduced to 35 percent.
None of Elizabeth Edwards 1.5 million would be subject to the estate tax if she had pased away after 2010.
One the other hand, Paris Hilton will be subject to the estate tax.
Nice try Mark, next time get your facts right.