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Remember the good old days of Grandma’s feather bed? Remember when you had a pillow fight with your brothers and sisters? Your parents were yelling at you to cut it out before someone got hurt. And then one of the pillows broke open… Wow! You’d never seen so many feathers. They were floating [...] Senate Finance Committee Chairman Max Baucus (D-MT) introduced legislation (S. 722) the end of March to make “permanent” many of the tax cuts passed in 2001. While the bill also includes changes affecting income taxes, this article focuses on the estate and gift tax terms. (Anyone who has studied changes in tax law understands that “permanent” means anything but permanent.) If you die in 2009, the estate tax exemption is $3.5 million and the top rate after that is 45%. In other words, if your estate is under $3.5 million, you pay no estate tax. If it’s more $3.5 million, the tax on everything over $3.5 million is 45%. Under current law, the estate tax disappears in 2010 and then reappears in 2011 with a $600,000 exemption and a 55% top rate. |
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Copyright © 2010 Walter Bristow - All Rights Reserved
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