Estate Planning News

Tie Minimum Wage Increase To Estate Tax?

Q. Back on the minimum wage. It seems that the poison pill in this one was that Democrats couldn't get behind a minimum wage increase that was tied to the estate tax reform. Is the President committed to responsible -- in your words, a responsible minimum wage increase? And, if so, will he throw his weight behind a bill that does not tie minimum wage increase to estate tax?

MR. SNOW: I'm not going to judge the legislative strategy. Let me throw it to you a different way. Democrats -- the poison pill for Democrats is something that -- estate tax or death tax repeal that was very important for small businesses in this country, and people who for the first time in their lives have created enough personal wealth -- perhaps in the form of a house that's appreciated -- that they'd like to pass on to their kids. It's a very real and practical consideration around this country, and the President -- actually it was the Senate that bundled the three, and the President is disappointed that they didn't pass the bill. I'm restating what I said earlier. I don't want to go any further, because I'm not going to get into the point of prejudging.

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	Did You Know?
	A "Family Limited Partnership" can be used to own and manage your property In a similar manner to a Trust, but allowing additional tax planning techniques to be employed. Family Limited Partnerships are typically used for those who have large estates and thus have a need for specialized estate planning in order to minimize federal and state estate/death/inheritance taxes as well as provide elements of asset protection.