Estate Tax May Be Repealed, Believe It or Not
by Kevin Staker
Since the estate tax exemption was raised to $5,000,000 in 2010 I had told clients I thought the estate tax would never be repealed. I believed that there would never be 60 Republican senators, the number needed to overcome a filibuster in the Senate by the Democrats. It appears I was wrong.
Turns out only 51 Republican senators are needed if tax reform is enacted under “budget reconciliation”. This is how the Democrats passed Obamacare, the Affordable Health Care Act, by a mere majority in 2010.
The Republicans have 52 votes in the Senate. The Republican majority House of Representatives favors estate tax repeal. Their plan, “A Better Way”, states they want to “repeal the Death Tax so that the loss of a family member will no longer be a taxable event. See https://abetterway.speaker.gov/_assets/pdf/ABetterWay-Tax-Snapshot.pdf
President (presently elect) Trump favors estate tax repeal:
The Trump Plan will repeal the death tax, but capital gains held until death and valued over $10 million will be subject to tax to exempt small businesses and family farms. To prevent abuse, contributions of appreciated assets into a private charity established by the decedent or the decedent’s relatives will be disallowed. (See https://www.donaldjtrump.com/policies/tax-plan/).
Hence, I, Kevin Staker, must admit I was wrong. The federal estate tax will now be likely repealed.
By Kevin Staker
The mediation website of Kevin Staker is now online at http://kevin-staker-mediation.com/ . Kevin Staker is a probate and trust attorney in Ventura County, California. He has been certified by the California Board of Legal Specialization as a specialist in both Taxation as well as Estate Planning, Probate, and Trust Law. Kevin Staker has been practicing law for over 35 years.
He will conduct probate mediations and trust mediations.
Kevin Staker can be reached at 805-482-2282.
Federal Estate Tax Exemption for 2017
The Internal Revenue Service has announced in IRS Revenue Procedure 2016-55 that the federal estate tax exemption for 2017 will be $5,490,000. The IRS also announced the gift tax exclusion will remain at $14,000.
The IRS never makes these things easy. It would have been nice if the exemption had gone to $5,500,000 to make the math easier for us. But alas the IRS was bound to the strict inflation adjusting formula of the Internal Revenue Code. This formula adjusts for inflation applied to the $5,000,000 exemption since 2010.
The Rev Proc is found at https://www.irs.gov/pub/irs-drop/rp-16-55.pdf. This technically is not official because it has not yet been published in a formal Internal Revenue Bulletin. The full IRS announcement released on October 25, 2016, is found at https://www.irs.gov/uac/newsroom/in-2017-some-tax-benefits-increase-slightly-due-to-inflation-adjustments-others-are-unchanged. This announcement lists the slight increase in a number of inflation adjusted figures under the federal tax law.
By Kevin Staker
Attorney Kevin Staker has begun his practice in probate and trust mediation in California. The website is located at http://kevin-staker-mediation.com/.
The focus of the mediation practice of Kevin Staker:
- Caring for the parties and wanting them to achieve a resolution to bring peace to their lives.
- Using his knowledge of probate and trust law to suggest creative solutions to the issue.
- Using that knowledge to assist the parties in reaching an agreement to assure all present and future issues have been resolved.
Kevin Staker has dedicated his professional to doing what is best for the people he assists, now what is best for him.
By Kevin Staker
The Yelp listing of Kevin Staker is now found at https://www.yelp.com/biz/kevin-staker-at-stakerlaw-tax-and-estate-planning-law-corporation-camarillo. Kevin Staker is a living trust attorney in Camarillo, California. Yelp is a fairly good source of reviews on Kevin Staker.
He is also beginning a practice as a mediator of probate and trust disputes. His focus will be caring for the parties and really listening to what are their concerns in the matter.
By Kevin Staker
The YouTube Channel of Kevin Staker has been renamed. This renamed channel of Kevin Staker is found at https://www.youtube.com/c/KevinStaker.
Kevin Staker is a living trust attorney in Camarillo, California. He is also a probate and trust mediator.
He posts fairly frequently to the channel.
By Kevin Staker
Kevin Staker has updated his profile at Linkedin. The Kevin Staker profile on Linkedin is found at https://www.linkedin.com/in/kevinstaker.
Some success has come from this profile on Linkedin. Hopefully more will occur.
Kevin Staker came be found on lawyers.com at http://www.lawyers.com/camarillo/california/kevin-g-staker-82942-a/. There are 11 peer reviews with a score of 4.7 out of 5. There are 25 client reviews with an outstanding score of 4.8 out of 5.0. Clients have given a positive review of Kevin Staker 96 percent of the time. Kevin Staker is “AV” rated by his peers as reported by Martindale-Hubbell.
The Yelp reviews of Kevin Staker are at https://www.yelp.com/biz/stakerlaw-tax-and-estate-planning-law-corporation-camarillo. There is only one review, but it is 5 out of 5 stars. Kevin Staker is a living trust attorney in Camarillo, California.
SuperLawyers rates Kevin Staker as the “Top Rated Estate Planning & Probate Attorney in Camarillo, CA”. The Superlawyers profile of Kevin Staker is at http://profiles.superlawyers.com/california-southern/camarillo/lawyer/kevin-g-staker/d9fa5c59-0c2a-4e8f-94e0-682892fe4481.html. Superlawyers has a patented selection process.
California State Bar Listing
The California State Bar profile of Kevin Staker is located at http://members.calbar.ca.gov/fal/Member/Detail/101400. This profile also discusses how Kevin Staker has two certified legal specialties: Estate Planning, Trust & Probate Law (State Bar of California) and Taxation Law (State Bar of California)
Blog on Federal Deficit Reduction
The Kevin Staker Blog on Federal Deficit Reduction is found at http://kevinstaker.tumblr.com/. Kevin Staker has some frank opinions on this topic.
The Twitter feed of Kevin Staker is at https://twitter.com/kevinstaker. Kevin Staker does tweet on occasion.
CANHR, California Advocates for Nursing Home Reform, reports that the 2016 California State Budget Act incorporates the limitations on recovery by the California Department of Health Care Services arising out of services from Medi-Cal. Their post is found at http://canhr.org/newsroom/newdev_archive/2016/Governor-Brown-signed-SB833.html.
The changes include:
- No recovery against the estate of a surviving spouse;
- Recovery will only be what federal law requires, in other words, only for nursing home facility and long term care services provided after age 55 or any age if the person was “permanently institutionalized”;
- No claims for against homes of modest value;
- The state can recover only against a probate estate, and so living trusts and joint tenancies will escape recovery;
- The Act limits the interest on Medi-Cal liens;
- Individuals who may be subject to recovery can request an itemized billing once a year for a $5 fee; and
- These changes are effective for individuals who die on or after January 1, 2017.
The changes will dramatically decrease the effort needed to escape recovery for Medi-Cal expenses for long term care in a nursing home.
By Kevin Staker
Kevin Staker has posted on his Federal Deficit Reduction Blog by Kevin Staker regarding a fluke decrease in the deficit for May, 2016. This is found at http://kevinstaker.tumblr.com/post/145722063553/defict-narrows-by-kevin-staker.
Remember the business Facebook page of Kevin Staker is found at https://www.facebook.com/Kevin-Staker-of-StakerLaw-38289441240/. Kevin Staker shares items there fairly frequently. He is a living trust attorney in Camarillo, California.
Kevin Staker has a professional biography page at http://kevinstaker.com/. A sub-page of that site has a number of links with pages relevant to Kevin Staker and is found at http://kevinstaker.com/kevin-staker/about-kevin-staker/
Avvo is an informative site with valuable information on attorneys. The Avvo.com listing of Kevin Staker is found at https://www.avvo.com/attorneys/93010-ca-kevin-staker-349731.html.
Kevin Staker “tweets” fairly often. The Twitter feed of Kevin Staker is at https://twitter.com/kevinstaker. Kevin Staker usually focuses on politics and estate planning.
Many individuals have commented on rhe California living trust video seminar of Kevin Staker. The site is at https://vimeo.com/156134189. This “webinar” better informs the viewer about estate planning with a living trust. The webinar also is a good introduction to Kevin Staker, and many have commented how they feel they have come to know Kevin Staker through this video and so have felt comfortable having him assist them with their living trust.
The pretty comprehensive CV of Kevin Staker is found at Visual CV. The link is found at https://www.visualcv.com/hhvc900.
By Kevin Staker