Who would have thought? This “lame duck” session of Congress may pass a tax bill before the end of this year that has good parts and parts everyone can find objectionable.
Part of the plan is an amazing proposal to increase the exemption for death taxes for estates that are $5,000,000 or less for the years 2011 and 2012! Any portion of a person’s estate that exceeds $5,000,000 will be taxed at the rate of 35%. If no change is made to the law, then the death tax free estate in 2011 will be $1,000,000 and any excess over that amount will be taxed at rates ranging from 40% to 55%. Who knows what will come of this proposed legislation. Even standing at the outside, it is apparent that crafting legislation is certainly like making sausage. This is like watching a soap opera – a slow and painful drama.
P. S. On a lighter holiday note, I have been making cookies for holiday gifts. I have been doing this since I was a teenager. I want to share with you my Grandmother, Eliza Barkley Graham Vodermaier’s
Scotch Shortbread Recipe.
• ½ c. confectioner’s sugar, sifted
•1 c. butter
•¼ tsp. nutmeg
•½ c. rice flour (a critical ingredient)
•1 ½ c. all purpose flour
•¼ tsp. baking powder
•¼ tsp. salt
1.Heat the oven to 375 degrees F.
2.Beat the butter with the sifted sugar
3.Add the remaining ingredients
4.Roll the dough to a 1/3” thickness on a floured board
5.Cut into squares or rectangles, prick with a dinner fork for decoration
6.Bake on an ungreased cookie sheet until light brown for approximately 10-15 minutes.
P.P.S. If you want to make sure your children’s inheritances are protected from divorce, creditors, lawsuits and even bankruptcy you may want to set up an “Inheritance Trust” to receive their share when you die. Go to our website to learn more about this amazing gift to your children, or call and set up an appointment to explore how this can help you and your family.
P.P.P.S. If you have a friend who would be interested in this information, please forward it to them.