Children inherit billions and pay no Estate Taxes
On March 28, 2010 Dan L. Duncan made history in death as well as life. Duncan was formerly known as the most wealthy individual in all of Houston Texas. However, upon his passing he became known for leaving his children billion while avoiding paying all estate taxes. How did this come to be?
Duncan's wealth of approximately 9 billion should have been subject to a federal tax of 45%, how did he pay $0 in taxes? This was partially due to good estate planning and sheer luck. George W. Bush signed a one year lapse in the estate tax in 2001 and the lapse went into effect at the end of 2009. This "lapse" will end January 1, 2011. Duncan left the majority of his estate to his children and grandchildren who, under different circumstances would have had to pay a hefty estate tax.
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