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Congress Acts to Extend Current Estate Tax

By Kristina R Haymes

On Thursday, December 3, 2009, the House of Representatives passed a bill that would extend the Estate Tax of 45% to all Estates that are over $3.5 million.  As previously reported, under current law, only estates valued at $3.5 million and up are taxed.  The estate tax is currently scheduled to disappear in 2010 and then, return to a lower level of $1 million in 2011 at an even higher tax rate  of 55%!  The problem as I previously noted, is that while the current law phases out the Estate Tax for one  year, those who inherit property would have to pay increased capital gains tax on any assets that have appreciated. The current bill — which is now in the Senate — would extend the 2009 exemption amount of $3.5 million indefinitely and adds back in a carry-over basis for assets...continue to full post

Full post as published by Mediation Marketing Tips on December 08, 2009 (boomark / email).