Taxation & Estate Planning

Estate Tax Deal? 35%, $5 Million Exemption, Questions Remain

By michael

According to this article on TheHill.com last night, it looks like we could have deal in the works that would restore the estate tax.  It looks most likely right now that the tax would affect all estate valued in excess of $5 million for individuals and $10 million for married couples – so no portability here – with a maximum rate of 35%, but questions remain.  Will it be phased in?  If so how and over how much time?  Will there be any period of retroactivity?  (Doesn’t seem likely but…) If so, how long and in what form?

This isn’t a done deal yet – though it appears fairly solid – and until we get signatures on paper I’m, well, cautious.  I wouldn’t go updating your end of year gifting plans just yet but stay tuned for more details as I’ll be keeping a close watch over the next few days/weeks.

Full post as published by The Ohio Trust & Estate Blog on December 07, 2010 (boomark / email).