Published On: November 13th, 2012 | Author: Perry Law, P.C. | Category: Estate Planning and Probate Florida Idaho
Significant changes in the tax laws are scheduled to take effect on January 1, 2013, affecting everyone with a net worth of more than one million dollars. Right now the Federal Estate and Gift Tax law provides an exemption of five million dollars per person. This exemption, according to the existing law, expires in less than 60 days. if your exemption is not used before December 31, 2012, the law will reduce the exemption amount to one million dollars per person. At the same time, the Federal Estate and Gift Tax rate rises from 35% to 55% on the value of any estate in excess of one million dollars.
In addition, the next United States Congress must address a massive budget deficit. In addition to reducing the exemption amount and increasing the tax rate, a number of proposals for dealing with the deficit are already under consideration by Congress which will, if enacted, significantly reduce the ability to protect families from the increasing estate tax burden.
Continue to follow this blog as we follow the proposed changes and develop strategies to deal with the current economic environment.
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