Because estate tax liability usually depends on how long one lives, it implicitly provides annuity income. In the absence of annuity markets, lump-sum estate taxation may be used to achieve the first-best solution for individuals with a sufficiently strong bequest motive. Calculations of the...

The Buffett-Gates Giving Pledge, under which wealthy individuals promise to leave a majority of their assets to charity, is an admirable effort to encourage philanthropy. However, the Pledge requires us to confront the paradox that the federal estate tax charitable deduction is unlimited while...

This study was developed as a volunteer effort by the Estate Tax Repeal Task Force of the Trust, Estate, and Gift Tax Technical Resource Panel (TRP) and approved by the Tax Executive Committee of the Tax Division of the American Institute of Certified Public Accountants. The study first...