The TaxProf Blog published a recent post that discussed the tax implications for the heirs of a recently deceased family patriarch; the Blog stated:
John Eluthere du Pont, an heir to the du Pont chemical fortune, is the latest plutocrat to hit the estate tax lottery by dying yesterday at the age of 72 (in prison where he was serving his sentence imposed for his conviction of third degree murder in the 1996 shooting death of Olympic wrestler Dave Schultz). His estate thus will avoid the tax (55% after a $1 million exemption as currently scheduled, or 35% after a $5 million exemption under the Obama tax compromise) that would have been incurred had he lived another 22 days.
To read the post, see "John Du Pont Dies, Wins Estate Lottery" on the TaxProf Blog website.
Posted by Joshua Hock, Associate Editor, Wealth Strategies Journal
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