If You're Rich, Watch Out for Greedy Heirs and Sharp Objects This Year
BE CAREFUL THIS YEAR AROUND GREEDY HEIRS. There could possibly be some risk for your survival.
The U.S. estate tax this year is zero, so if you die or are killed during 2010, your heirs pay the government nothing on the money you pass along to them.
This U.S. estate tax will return big time in 2011, and unless Congress extends, starting January 1, 2011, all taxable estates of more than $1 million will be taxed at pre-2001 rate of 55%.
So estate tax will go from zero to 55% at the stroke of midnight on December 31, 2010. (U.S. Congress might reduce the estate tax rate from 55%, but it won't eliminate it.)
Your heirs are smart and will know that if you die this year the U.S. estate tax is zero, and that if you wait to die until 2011, they will face a tax rate of about 50%. OUCH!
If you want to reduce chances of your dying in an unusual way or getting killed by heirs this year, consider this:
First: If your only heir is your wife or husband, he or she can inherit everything without incurring any tax liability this year or next.
Second: If there are heirs who might want to get rid of you this year, you should revise your estate plan to remove incentives for them to knock you off.
Arrange it so your heirs would get same amount of money if you die this year as compared with the next.
Hah! Just kidding ... unless of course you actually have heirs who would be that greedy.
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Harrison K. Long
REALTOR and broker associate, Explore Group Properties, Coldwell Banker Previews
949-854-7747 - CA DRE 01410855 - www.LiveAtIrvine.com - www.NewportCoastLive.com - www.LiveAtNewportBeach.com - www.CostaMesaLive.com - www.LiveAtLagunaBeach.com - www.CoastLivingHomes.com - www.ExploreOCHomes.com - www.LiveAtOrangeCounty.com
posted by Harrison K. Long @ 9:28 PM
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Home Loan and Mortgage rates remain so low and incredibly good this week. 
Home Loan and Mortgage rates remain at lowest level in decades.
Government-sponsored mortgage buyer Freddie Mac said this week that average rate for 30-year fixed loans was 4.57%. The last time home loan rates were lower was the 1950s. 
These loan rates do not include add-on fees (points), and one point is equal to 1% of total loan amount.
The ORANGE COUNTY GREAT PARK celebrated its five year anniversary on Saturday, July 10, 2010, and lots of people were there. 
Other activities for the anniversary event included games and face painting for the kids, country bands, kids park, pony rides and petting zoo.
Some people criticize spending choices by the Irvine city council. The public agency controls Great Park Conservancy, which owns and runs the park. Full funding isn't there and $1 billion is needed. 
South Lake Lagoon is expected to be a center place for families and picnics, with swimming and boating. 
As many as 18,000 California homebuyers ... of the about 180,000 in the U.S. ... got good news about deadline to close escrow will be extended. 
"What a great way to begin celebrating our nation's most patriotic holiday by opening the door to the American dream of homeownership to thousands of home buyers who would have been shut out of the homes of their dreams through no fault of their own," said +(Large).jpg)
