As summer begins to wind down, news out of Washington crops up on the estate tax. Combined with the broader issue of the Bush Era tax cuts, the House of Representatives voted earlier this week to extend those breaks through 2013. If passed by the Senate and signed by the President, it means the current law on the federal estate tax would remain for another year. Estates below $5 million would be exempt. Couples under $10 million would be exempt. Estates exceeding the exemption would face a 35 percent tax on the amount exceeding the limit.
It's not law yet. I doubt we'll have a signed law before the November elections, but then again Washington can surprise us at times.
Enjoy your weekend, and thanks for reading.
Friday, August 3, 2012
Movement on the Federal Estate Tax
Melinda Gustafson Gervasi is a Madison attorney and author whose current practice focuses on estate planning and probate. She is committed to increasing the public’s understanding of estate planning and probate issues. In 2013 she released her first book, Middle Class Philanthropist where she illustrates how anyone can leave a legacy. Gustafson Gervasi Law Office, LLC, 5555 Odana Rd., Suite 205, Madison, WI 53719
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