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Romney’s Estate and Investment Tax Proposals

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We have talked previously about the uncertainty concerning the estate tax at the end of 2012. It gets even more uncertain because it is a Presidential election year and the two candidates have different proposals on estate and investment taxes. Today, we will look at the Republican candidate's proposals. The biggest change under Romney's tax plan is the complete elimination of the estate tax. He also proposes dramatic changes to investment tax rates. Under the Romney plan, anyone with an income … [Read more...] about Romney’s Estate and Investment Tax Proposals

Famous Estates – Legacy Champ or Chump?

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Raymond Massey (1896-1983) - Actor   Drawn to the theater in 1922, Massey appeared on the London stage. His first movie role was High Treason in 1927. In 1929, he directed the London premiere of The Silver Tassie. Following World War II, he became an American citizen. His memorable film roles thereafter included portraying the husband of Joan Crawford during her Oscar-nominated role from 1947's Possessed and the doomed publishing tycoon Gail Wynand in 1949's The Fountainhead, opposite … [Read more...] about Famous Estates – Legacy Champ or Chump?

Obama’s Estate and Investment Tax Proposals

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In our last post, we discussed what Mitt Romney proposes to do about the estate tax and taxes on investments if he is elected President. Of course, President Obama also has his own proposals and they include some changes from the current laws, so we should look at what he proposes to change. For the estate tax, President Obama proposes a return to the 2009 rules. These set the estate tax exemption at $3.5 million and the estate tax rate at 45%. This is an increase in the estate tax from 2012 … [Read more...] about Obama’s Estate and Investment Tax Proposals

Texas History – How Did Mexico Colonize Texas?

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The colonization of Texas by Mexico started in 1821, when Mexico won independence from Spain, and made Texas part of the new nation. The northern and eastern regions remained in the hands of the Indian tribes because some were hostile to Mexican rule. Attempts to interest large numbers of Mexicans to settle in Texas failed. To create a buffer between the more populous regions of Mexico and the Indians to the north and the aggressively expanding United States on the east, the Mexican government … [Read more...] about Texas History – How Did Mexico Colonize Texas?

Famous Estates – Legacy Champ or Chump?

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Mary Elizabeth Moody Northen (1892-1986) - Financier & Philanthropist   Upon the death of her father, William Lewis Moody, Jr., Northen was named president or chairman of the board of more than 50 corporations her father had controlled, including the American National Insurance Company which, at the time of Moody's death, was the biggest insurance company west of the Mississippi River.  She was also named chairman of the board for the Moody National Bank. Northen continued to maintain … [Read more...] about Famous Estates – Legacy Champ or Chump?

Not Everyone Needs a Trust

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In the last post, we told you that everyone can have a Revocable Living Trust. They are not just for the wealthy. However, that begs the question, does everyone need a Revocable Living Trust? If you go online and read about what you should have for your estate plan, it is easy to come away with the impression that everyone should have a Revocable Living Trust. It might even seem that it's the world's greatest legal instrument given to us from above as a special gift. That's because many online … [Read more...] about Not Everyone Needs a Trust

Texas History – Do You Know Who Controlled the Port of Galveston Island in 1819?

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Pirates Jean and Pierre Lafitte controlled the port of entry into what would later become the Texas republic. Those infamous pirates received James Long, an explorer trying to gain control of Galveston to establish a supply line, but refused to cooperate with him. In fact, they plotted to betray him to the Spanish because a stronger American presence in Galveston would antagonize the Spanish and be averse to the interests of the Lafittes, who had recently been excluded from the New Orleans … [Read more...] about Texas History – Do You Know Who Controlled the Port of Galveston Island in 1819?