PERMANENT ESTATE TAX REPEAL IS UNLIKELY According to Expert E. Michael Kilbourn

Based on Federal Reserve Chairman Alan Greenspans recent comment to the Congressional Joint Economic Committee that voting now to extend the tax cuts in 2011 would have no positive effect on the economy," Estate Tax expert and author of "Disinherit the IRS" E. Michael Kilbourn points out why he thinks the permanent repeal of the estate tax does not appear likely when the issue is taken up again, even possibly later this year.

Despite a big Republican win in the recent elections, the permanent repeal of the estate tax does not appear likely when the issue is taken up again, possibly this year. This prediction comes from author and estate tax expert E. Michael Kilbourn (www.kilbournassociates.com) and is based on Federal Reserve Chairman Alan Greenspans recent comment to the Congressional Joint Economic Committee that voting now to extend the tax cuts in 2011 would have no positive effect on the economy."

Making a tax cut permanent will require a 60-vote super-majority in the Senate -- not an easy task even with a Republican majority," says Kilbourn. Therefore, permanent repeal of the estate tax is not likely in the short run. And given that Congress has permanently" eliminated estate taxes three times (and brought it back because of war and budget problems), repeal is not even likely in the long run.

While the long-term cost of estate tax repeal was in the background during debates over last years tax law changes, those figures have gained new prominence. Thanks to the recession, the stock market collapse, and the biggest surge in federal spending in 20 years, there was a $159 billion deficit in fiscal year 2002.

That figure doesnt even account for the tax cuts being proposed by President Bush to boost the economy," points out Kilbourn. Not to mention the cost of war with Iraq, the bill for homeland security, the promised prescription drug benefit for the elderly, and the shoring up of Social Security."

Kilbourn outlines in his book the reasons why there is an unlikelihood of a permanent estate tax repeal. The book also discusses why and how to create an estate plan with estate tax liquidity (typically, using discounted dollars from life insurance).

The book was updated to reflect the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) of 2001 and also reveals simple, legal strategies to avoid so-called death taxes," as well as steps individuals must take to protect their children, grandchildren, and future heirs from predators and claims from lawsuits and divorce.

For more information contact Mollie Page Griffin, (239) 455-6727.