Making sense of illness, death and taxes through the eyes of Attorney and Author, Melinda Gustafson Gervasi
Wednesday, October 21, 2009
Movement on the federal estate tax
Monitoring a legal blog kept by a law professor, I came across a report that Rep. Schrader (D. Oregon) introduced H.R. 3841, a bill "[t]o amend the Internal Revenue Code of 1986 to repeal carryover basis for decedents dying in 2009, to increase the estate tax exemption to $5,000,000, and to reduce the maximum estate and gift tax rate to 45 percent." Only time will tell what will come out of DC, but it certainly looks like the current law will be changed soon.