Taxation & Estate Planning

Estate Tax Deal? ? Support Growing For a Choice

By michael

This is kind of novel so I thought I’d mention it:

From this post at The Hill.com:

Senate Republican Whip Jon Kyl (R-Ariz.) wants taxpayers to have options on how to pay for an estate tax.

Under the senator’s plan, beneficiaries could choose to either abide by current law or agree to whatever Congress passes. The deal would likely be for estates created before the year end.

Democratic staffers with the House Ways and Means Committee have indicated support for this initiative.

It also sounds like Senator Kyl wants a $5 million dollar exemption with rates at 35%.  A lowering of the rates and a raising of the exemption means a lot less money for the federal government but these are reasonable numbers.  Something though needs done…  If we see a $1 million dollar exemption come 1/1/11 we’re going to have some very unhappy clients.

Full post as published by The Ohio Trust & Estate Blog on April 16, 2010 (boomark / email).