Tax Plan Clears the Senate

Today the US Senate voted in favor of the proposed tax plan. If approved by the House later this week, and then signed into law by the President, we will have some guidance on the estate tax.....at least for the next 2 years. As reported in the New York Times:

And it would set new estate tax parameters, including an exemption of $5 million per person, or $10 million per couple, and a maximum rate of 35 percent. All these provisions would last for two years.

It is important to note that this is the plan for the next TWO years, which does not make long term planning an easy thing to accomplish. This continues to be a developing issue that should be monitored.