Estate Tax Debate Continues
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The federal estate tax is a big issue in many congressional races, with proponents of repeal arguing that it severely impacts family businesses and farms. See this article in the online version of the Wall Street Journal.
What is rarely discussed is that with proper planning, including the use of life insurance, the heavy financial burden of the estate tax can be avoided or drastically reduced. Attorneys fees and life insurance premiums are a lot cheaper than a 55% estate tax. Many family business owners and farmers simply refuse to plan ahead.
