Happy Birthday to the Federal Estate Tax, Elder Law Attorney, Woodstock, GA

The always controversial estate tax is now 100 years old. The debate over it has not changed much in those 100 years.

In 1916, as the U.S. began to increase its military capacity in case the country got dragged into World War I, the federal government needed to raise revenue. As Morningstar reports in “The 100th anniversary of the estate tax,” one revenue raising measure was the imposition of a federal estate tax for the first time.

Just like today, the tax did not affect the overwhelming majority of Americans nor did it account for a significant amount of total government revenue. In its first year, the estate tax affected 1% of Americans and accounted for 1% of total federal revenue.

The debate over the estate tax has also not changed very much in the last 100 years. At the time, those opposed to its passage, such as the Wall Street Journal, viewed it as “class discrimination.” Supporters of the estate tax thought it a good way to raise revenue and that it was fair to make the wealthy pay a greater share of taxes.

Neither side has changed its positions very much although the rhetoric is couched in slightly different ways today.

The future of the estate tax remains uncertain.

If the Democrats win big in the 2016 Presidential and congressional elections, then the estate tax is likely to stay with us and might even be increased. However, if the Republicans win big, then the estate tax is likely to be reduced or even abolished.

Undoubtedly, when the issue is taken up again in congress no matter which side wins the debate will sound a lot like it did in 1916.

Reference: Morningstar (April 30, 2016) “The 100th anniversary of the estate tax

Hear From Our Clients

“On the threshold of retirement, we finally decided to quit thinking we could self-prepare the requisite documents. We had previously had only a very simple will. We needed the necessary legal (including updated will) & health care docs but didn’t want to deal with the time & complication of legalese. Cindy made the process relatively painless. She took the time to explain and answer questions without trying to upsell services. We were done in 2 meetings plus the reading of emailed drafts. In addition to preparing the documents, Nelson Eldercare will be there when our adult children need advice on executing the plans we’ve put in place.So glad it’s behind us and would recommend Cindy and her helpful staff.”

- Bonnie

Cindy and her company treat their clients like family. Nelson’s offers clear, direct, and honest guidance in planning for your families security and future. No one wants to actively sit down and make these decisions, but Nelson’s makes this process seamless. I was so impressed with their willingness to answer all questions big or small. So glad I made the decision have them help my mom and dad and now me. You can’t go wrong with Nelson’s Elder Care Law.

- Hope

The very best elder law attorney and staff anyone could ever ask for! I have referred a number of clients to Cindy and she never disappoints. She is kind, caring, and extremely thorough in making sure everything is completed as it should be. I highly recommend Cindy for anyone needing lawyer services; she truly goes above and beyond for every client she helps and has had a huge impact in so many peoples’ lives. Thank you, Cindy and staff, for everything that you do- I’m so glad to know you!

- Kerri

I heard Cindy’s presentation at a Senior Luncheon at my church, and was very impressed. She helped my daughter and me understand many aspects of elder law. Josh has also been very helpful in my planning to enter an independent living situation . I have told many friends about them.

- Charlotte

Cindy and the Nelson Elder Care Law team are trustworthy and helpful. They are the experts in elder care law. At Leaf Cremation, we entrust our families to the care of the Nelson team when their services are needed.

- Pierce