Visit cpajournal.com to read the very latest from The CPA Journal
February 2010 » The Never-Taxed Estate: Why Rich...
Full articles of The CPA Journal are available to NYSSCPA members and CPAJ subscribers ONLY. Please login to access this content.
Nonmembers and nonsubscribers, you can apply for NYSSCPA Membership here and get unlimited access to The CPA Journal, or you can create a non-member online account here and purchase individual articles.
Sonja Pippin, PhD
Once upon a time in a land far, far away there was an old king. Over the many years of his life, this king had accumulated great wealth. Unfortunately for him, he lived in a time where the fairy-tale monarchy in the far, far away land had been surpassed by democracy. Therefore, the king could not issue proclamations that would safeguard from taxation his gold and silver, his pearls and diamonds, and everything else he owned, when transferring them to a younger generation at death. In fact, the tax rates on wealth transfers in the far, far away land reached almost 50% (45%, to be exact). The confiscation of almost half his wealth by some fiscal authority was of great concern to the king. He therefore summoned his oldest and wisest councilor and demanded a plan to legally minimize or eliminate taxation on his estate and keep it from ever being taxed. The councilor thought long and hard. He consulted large books containing the tax code, regulations, rulings, as well as decisions made by lower and higher courts. Finally, the councilor came back and presented the following plan:
Advertising with the NYCPA is your opportunity to reach the greatest number of business advisors in the most important business state in the nation.
Post a resume or job listing in our Career Center to connect with hundreds of employers or job seekers.
Join 21,000+ of your peers. Apply for membership today!
Find CPE Conferences, Seminars, and Online Courses Here.
Get insight and analysis into all areas of the profession.
Content provided by and exclusively for NYCPA members.
Stay up to date with important NYCPA news.
A daily roundup of the latest from around the accounting and financial industry.
A strong PAC means a strong profession. Donate Today.
Help develop a strong network of connections.
A resource for NYCPA Members.
Members, Get expert answers to technical questions.
Start your career off right with an experienced mentor.
It's never too early to start thinking about your career.