2013 Legal Elite profile: Taxes/Estates/Trusts/Elder Law
- November 27, 2013
Neil L. Rose
Willcox & Savage PC
Other legal specialties: Corporate, partnerships, LLCs, real estate
Birthplace: Washington, D.C.
Education: Bachelor’s degree, University of Virginia, McIntire School of Commerce, (with distinction, Beta Gamma Sigma); University of Virginia School of Law, law degree; Georgetown University Law Center, master of laws in taxation.
Spouse: Regina (Gina) H. Rose
Children: Frederick, Ryan and Jonathan
Hobbies or pastimes: Charity work (including Guiding Eyes for the Blind); Norfolk Kiwanis member; president of the Virginia Beach Education Foundation
First job as a lawyer: Special Honors Attorney, U.S. Department of the Treasury
Fan of: University of Virginia Cavaliers
Recently read book: Currently reading Larry Sabato’s “The Kennedy Half Century”
Career mentors: Former U.Va. law professor Hank Gutman, Howard Spainhour, former partner Anne Shumadine
What needs to be changed in the federal tax code?
“We need to reduce the number of tax expenditures (tax credits/deductions) so we can raise the needed funds at a lower rate. The tax code should be simplified and focus on raising revenue at lower rates — not federal spending. The current approach is an inefficient way for Congress to spend money. A consumption tax with appropriate credits would more efficiently raise the funds needed to run our government.”
Should the federal estate tax be abolished?
“Although many people want to eliminate the federal estate tax, death is a good time to impose a tax. The real question is who should pay the tax and at what rate? The current exemption, slated to increase to $5,340,000 in January, means few Americans pay this confiscatory 40 percent tax. A very low estate tax rate applicable to more estates would be better policy — perhaps a rate of 1 to 5 percent beginning with estates of $500,000.”