2010 Has Been Called a Good Year to Die...........

.................If you 're an wealthy American (or own a sizable chunk of US assets).

Terrible to start the new year with a gloomy subject but this could be important for some. It looks like US Estate Tax is repealed for 2010 (unless something else funky happens, like retrospective application! WTF!). Therefore, all persons dying in this calender year, can do so without paying estate tax, about 45% of anything over US$3.5M.

Due to some brain-freezing, political wheeling-n-dealing scheme by GW Bush nearly a decade ago, US Estate Tax rates have been gradually lowered since until 2010, when it disappears all together. The unbelievable aspect is that the tax comes back in 2011 and at the original 2001 rates which are of course higher (at some 55%)!!!! This may be your only opportunity to royally screw the IRS....there's still a potential Capital Gains Tax on the assets to be inherited but that's something that you could plan around.

So if your rich and are nearing the end, make your "bucket list" and live dangerously, very dangerously, for the next 12 months. If you have grandchildren, consider that the Generation-Skipping Tax (or GST) is also gone in 2010 providing a great opportunity to screw your kids but not the grandkids.

While I do not condone illegal actions of any sort, assisting your bequestor Mom or Pops with an early "expire-ment" means tremendous tax savings. There's never been a better time than this year to pull the plug on dear old, rich Grandma. Be smart about though and seek advice on the "Slayer Rules" in your home state first.

If you have heirs, watch out.