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 "Living Trust" can be used to hold legal title to and provide a mechanism to manage your property You can select the person or persons you want -- often even yourself -- as the Trustee(s) to carry out the instructions you want in the Trust and name one or more Successor Trustees to take over if you cannot. Unlike a Will, a Trust usually becomes effective immediately, continues in force during your lifetime even in the event of your incapacity, and continues after your death. Most Trusts are "revocable" which allows the person who creates the Trust to make future changes, modifications and even to terminate it.