Fewer Estates Affected by Estate Tax in 2009
As I was browsing through various RSS feeds recently, a graph from Taxprof Blog and analysis by Tax Policy Center grabbed my my attention. According to their analysis: "In 2009, less than one-quarter of one percent of deaths—just 5,500 decedents—will leave taxable estates, the smallest percentage since at least the Great Depression."
Economic downturn, recession and a huge drop in real estate values in California (and elsewhere) have certainly affected the overall wealth of people--for so many, an estate tax might not be an issue of concern. In my own practice I have certainly seen that people are not as concerned about estate tax (as they were just a few years ago) but on top of their list of concerns is avoiding probate.
Probate is one the most common questions I get in my law practice. Click here to learn about essential things to know about probate.
