People around the globe are mourning the loss of the entertainment giant Dick Clark. The irrepressible impresario made his mark years ago as the host of the American Bandstand television show, and he presided over the evolution of popular music as we know it.
Dick Clark passed away a wealthy man with a fortune estimated to be valued in the hundreds of millions of dollars. Since Clark is generally perceived in a very positive light you may find it possible to empathize with the situation that his family is facing with regard to the estate tax.
Just like everyone else Dick Clark paid taxes throughout his life. When you make a lot of money you pay a lot of taxes, plain and simple. So while it is true that Dick Clark was able to accumulate a considerable amount of wealth, whatever he left behind was the remainder that he had left after paying taxes throughout his life.
The estate tax exclusion is $5.12 million and the maximum rate of the tax is 35% this year, so everything that Clark left behind that exceeds $5.12 million is potentially subject to this 35% federal levy. Depending on the exact size of his estate this would total tens of millions or perhaps even $100 million or more.
You may not be in the same financial company as Dick Clark, but the estate tax is certainly something to be concerned about. If you would like to discuss your situation with an expert, simply take a moment to arrange for a consultation with a licensed and experienced Somerset County NJ estate planning lawyer.