In 1916, Congress tried again: The new tax had a top rate of 10% on estates over $5 million (something like $100 million these days). This estate tax is with us still, though in much altered form.
When the 1916 tax was introduced, Connecticut insurance man Charles Ives saw an immediate opportunity:
[L]aying the foundation of the modern practice of estate planning. Ives published Life Insurance with Relation to Inheritance Tax in 1918, the Bible of estate planning at the time.You probably know Charles Ives from his moonlighting as a Pulitzer-prize-winning composer.
Charles Ives, 1913