Title: Book contains serious misinformation on taxes
Review: "Don't Die Broke," contains gross errors on pp. 244-245. The author claims that an estate of $1 million is subject to $550,000 in federal estate tax (error #1) and that heirs are subject to income tax on the balance of $450,000 (error #2). These errors follow an "analysis" that suggests that an estate of $1 million could be subject to estate and income taxes that total $946,000. This nonsense that leads me to doubt any information in this book and question the quality of editing at the Bloomberg Press. Even if these figures refer to an estate in excess of the unified credit (which is not at all evident from the context), the author states incorrectly that an inheritance is subject to income tax (see IRS pub. 525, "Taxable and Nontable Income, p. 21).
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