Tax Update
Dec 13, 2010 / By: Michele A. Tutoli, Estate Planning Attorney / Category: TaxesThe Obama-Republican tax deal (an extension of the Bush tax cuts) have enough votes in the Senate. Even better, it includes a $5 million estate tax exemption and 35% tax on the excess. But, like all good things, it comes to an end..this time in two years. The difference is that this time the $5 million can be gifted during life and is also free from Generation-skipping tax..the only problem is whether the House will go along…Stay posted!
Armstrong, Fisch & Tutoli is a member of the American Academy of Estate Planning Attorneys.
