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An article on Thursday about a House vote to repeal the estate tax referred incorrectly to the current rate for estates of at least $1 million.
For estates of less than $5 million, the 2011 rules are typically more advantageous, because no estate tax is due and the heirs receive the property with a step-up in basis.
Correction: June 21 , 2003 Saturday An article on Thursday about a House vote to repeal the estate tax referred incorrectly to the current rate for estates of at least $1 million.
For estates of $5 million or so, especially if most of the value is in appreciated property that has not been taxed, choosing the tax is smart because no estate tax is applied on the first $5 million and the property gets a readjustment in value, to a fair-market price level.
For estates of at least $3.5 million but less than $20 million, the percentage leaving a charitable bequest also fell gradually from 25% in 2001 to 20% in 2007.
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He said, for instance, that he has served as executor for the estates of several families and helped new widows arrange for Social Security benefits.
She supplies the tress for Washington Square and Times Square, memorial trees throughout the country, and full grown trees for the estates of the wealthy.
In 1992, a tax return was required for all estates of $600,000 or more, a figure that Congress raised to $675,000 for this year.
The county Web site (www.cookcountytreasurer.com) allows people to search for the estates of dead relatives.
For 2003, estates of $1 million to $1.25 million are taxed at 41percentthethe rate gradually increases until it reaches 49percentt on estates of $2 million or above.
Sometimes the activities of existing band members will keep the commercial plates spinning, as the surviving Beatles do for the estates of John Lennon and George Harrison.
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