Tag Archive estate sales org

What’s going on with a ‘dying industry’?

September 16, 2021 Comments Off on What’s going on with a ‘dying industry’? By admin

What’s the death-and-taxes story?

This year, a few thousand people died, but in a way, the industry has survived.

While there are fewer than 50,000 active estate sales organizations in the U.S., they’re responsible for more than half of all the tax filings.

That means many estates are getting hit with tax bills that exceed the estate tax’s threshold, which is $6.8 million.

And while some are losing money on the process, many are seeing a steady stream of new filings, often due to changes to the estate and/or gift tax rules, which could mean a higher estate tax bill for many.

But as a group, estate sales are doing OK.

The number of estates that filed a tax return in 2018 increased by about 200,000, to a total of 1.3 million, according to the National Taxpayer Advocate, an advocacy group that works to promote fairness in the tax system.

In 2019, estate-planning groups have been getting about 50 percent of their income from estate sales.

The rest comes from non-estate taxes and some investments.

Some experts say the rise in non- estate-related activity could signal a healthy environment for the industry.

“It’s an industry that has a long-term growth potential and is growing,” said Chris Nuss, a senior vice president at the nonprofit Tax Foundation, who co-authored the report.

Nuss points to a number of ways in which the industry is benefiting from the tax laws: The estate-tax filing threshold for estates of $6 million was increased from $2.9 million to $4.3 for estates up to $10 million.

“These new rules could help estate-sale and gift-tax plans by allowing them to be more aggressive in their efforts to avoid the estate- tax, which can have a huge impact on their bottom line,” Nuss said.

Estate-tax filings are now being done online, rather than in person, and a recent report found that more than a third of estate- and gift tax-filers are using mobile apps.

The report also found that the number of estate planning companies in the country increased by almost half between 2013 and 2019.

And even as the estate market has continued to boom, there are signs that some people may be taking a break from the business.

The annual Forbes 400 list shows the top-earning people on the planet, with the average family making more than $10.6 million.

While the number and share of families earning more than that has been dropping for years, it rose by nearly half since 2013.

That’s partly because many people are getting married later and are having children.

But even as they’re making more money, some families are struggling to pay the bills and are struggling with the high costs of living.

According to a recent study from the Tax Foundation that surveyed more than 600 people, some of the biggest reasons for not paying estate taxes were “the high cost of living, lack of savings, and lack of financial stability.”

One study found that one in five people who have not paid their estate taxes had a mortgage, and about three in 10 were in the process of paying a loan.

Even though the IRS says that those who don’t pay estate taxes could be eligible for a refund, there is no provision for people who don, so many people may not be able to do so.

That leaves some families who don to take advantage of the current tax laws and avoid paying estate tax.

“Many people are having to live paycheck to paycheck,” said Michael E. Cipriano, president and CEO of the Tax Institute, a nonpartisan nonprofit research and policy group that researches estate-and gift-related taxes.

Some families have opted to forego their estate tax payments entirely, instead opting to buy homes in the hope that they can retire with the money.

“This is a great opportunity to take the financial risk out of the estate business,” he said.

Many people, including Cipranos, are finding it hard to pay their taxes, because many of their debts are more than they can afford.

Many have to borrow money to pay for school or to purchase medical equipment.

Some have no savings at all and are relying on the kindness of strangers.

And some of them have no income at all.

“The average family is paying a lot of money,” he added.

The Tax Foundation survey also found there were more than 1.2 million estates that had more than one filer, up from 1.1 million in 2017.

That number includes estates of individuals, estates of trusts and estates of partnerships, which are treated like individual returns.

Those filers make up a relatively small portion of the overall estate-business population.

But they are an increasingly important part of the industry, as they make up about half of the total estates in the US, according the Tax Policy Center, a conservative think tank.