Friday, November 16, 2012

What's Going on With the Federal Estate Tax?

The good news is that those pesky political commercials are behind us now.  However, the focus has now been redirected to the "fiscal cliff".  Buried in there is a discussion on what to do with the federal estate tax.  If no action is taken, the federal exemption limit will fall to $1 million in 2013.  And it will resurrect the Wisconsin estate tax.  So, while we may want to look away from the ways of Washington, D.C., I cannot.

Image credit: - free image

I will be following the discussion (is that a generous choice of words) and wait, listen, and read.  What oh what will happen?  Time will tell, and sadly I think Congress and President will simply "kick the ball".  Meaning they'll come up with a short-term fix, good for a year or two.  Which means long-term planning is not really an option for folks flirting with the $1 million level.

Enjoy your weekend everyone, and I'll be back Monday with more on illness, death and taxes for the middle class.

No comments: