$5.25 Million
As the week comes to a close here on Illness, Death and Taxes for the Middle Class I can leave you with a number. And that number is $5.25 million, which is the inflation adjusted federal estate tax exemption for the year 2013, as reported recently. What does it mean? For those who die in 2013 and have a net worth (including life insurance) that is below $5.25 million, no federal estate tax would be owed by the estate.
The ink is hardly dry on the legislation signed by the President on January 2nd, so please know that details will continue to emerge on this topic. It is so new that I have yet to see a continuing legal education advertisement arrive in my in-box. Which means, even if you are below this number, do not dismiss it as an issue entirely. Especially if you are married, and are near the limit. There is much to be learned about the new laws of portability, a new tool in the tax box of surviving spouses.
Thanks for reading, and remember a blog is not a lawyer or legal advice. Please consult with an attorney in your area for advice specific to your situation.
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