I updated the section of my step by step guide on Islamic Inheritance related to tax issues. Recently there have been some changes with the new extension of the Bush Tax Cuts, but caused a return of the estate tax, which was abolished last year. However very few families have to worry about the Estate [...]
I posted an article on my main law practice website (where I write about Estate Planning that is not necessarily “Islamic”) on the unlimited marital deduction. The trap created by the unlimited marital deduction is the same for Muslims as it is for non-Muslims. However, the difference when it comes to Muslims is that it [...]
It appears plain that Congress will do nothing on the Estate Tax this year. This means the Bush tax cuts are going ahead and the estate tax will be abolished for 2010. Its possible there will be a temporary or permanant fix sometime in 2010. The prospect that any change will be retroactive is also possible. [...]
Congress has not yet established what the estate tax will be beyond the unsustainable "Bush tax cuts." The last year of this regime is 2010. Of particular interest to anyone who wants to plan their estate, the tax is completely abolished that year. In 2011 it comes back to levels seen in 2001 and touches [...]