Estate Planning

Obama, Republicans Reach Deal on Tax Cuts

By Greg Herman-Giddens

The agreement includes a two year extension on the Bush income tax cuts, and with regard to the estate tax (from the Washington Post):

"The deal also would revive the estate tax, but it would exempt inheritances of up to $5 million for individuals and $10 million for couples. Democrats on Capitol Hill are strongly opposed to setting the cap at that high a level and to the 35 percent rate discussed by Obama and Republicans that would apply to the taxable portion of estates."

Stay posted for updates on the future of the death tax.  I think the only certainty right now is that there will be no permanent repeal.

Full post as published by North Carolina Estate Planning Blog on December 06, 2010 (boomark / email).