NEWS
Michael Sampson Quoted in Minnesota Lawyer Article on Estate and Gift Taxes
April 7, 2014
Michael Sampson, special counsel in Maslon's Estate Planning Group, is quoted in an April 7, 2014, article for Minnesota Lawyer titled, "Goodbye to the gift tax." The article details the gift and estate tax law that was changed on March 21, 2014, reporting that it can seem unfair to tax money that has already been taxed.
In the article, Michael states: "People find that estate tax offends their sense of fundamental fairness. The estate tax is a policy tax rather than a [income-generating] tax. It was enacted in 1916 to help pay for World War I and force people like the Rockefellers to put money into circulation."
The articled also examines the results of the gift tax in Minnesota, reporting that until it was repealed on March 21, 2014, Minnesota was the only state with the gift tax besides Connecticut. Michael states, "With tax policy you always have to skirt the line between discouraging keeping money in the hands of a few people, and encouraging, not discouraging, the accumulation of wealth."
To read the full article online, go to: Minnesota Lawyer "Goodbye to the gift tax" (subscription required.)
Michael Sampson's practice focuses on high-end estate and tax planning, estate and trust administration, charitable planning, and business succession planning. He helps his clients focus on what it is they really want to accomplish with their wealth. After assisting clients in identifying their specific wealth planning goals, Michael works with them and their other professional advisors to develop and implement wealth transfer strategies that are consistent not only with their goals, but also with their cash flow needs and tolerance for risk.
In the article, Michael states: "People find that estate tax offends their sense of fundamental fairness. The estate tax is a policy tax rather than a [income-generating] tax. It was enacted in 1916 to help pay for World War I and force people like the Rockefellers to put money into circulation."
The articled also examines the results of the gift tax in Minnesota, reporting that until it was repealed on March 21, 2014, Minnesota was the only state with the gift tax besides Connecticut. Michael states, "With tax policy you always have to skirt the line between discouraging keeping money in the hands of a few people, and encouraging, not discouraging, the accumulation of wealth."
To read the full article online, go to: Minnesota Lawyer "Goodbye to the gift tax" (subscription required.)
Michael Sampson's practice focuses on high-end estate and tax planning, estate and trust administration, charitable planning, and business succession planning. He helps his clients focus on what it is they really want to accomplish with their wealth. After assisting clients in identifying their specific wealth planning goals, Michael works with them and their other professional advisors to develop and implement wealth transfer strategies that are consistent not only with their goals, but also with their cash flow needs and tolerance for risk.
