The estate tax has never achieved the goal of preventing wealth to pass to subsequent generations. Nevertheless, it taxes wealth that has gone untaxed in a wealthy person's lifetime, it raises some revenue and it encourages charitable donations. Despite the estate taxes benefits, the time spent creating an estate plan can be a waste of resources. Overall, the author believes that the estate tax still has an important role to play in federal tax policy.
HAT TIP: Wills, Trusts and Estates Prof Blog
Posted by Adam Fleischer, Associate Editor, Wealth Strategies Journal