ESTATE TAX REPEAL, DON’T BET ON IT!

ESTATE TAX REPEAL, DON’T BET ON IT! By: Abe Bernstein President Bush implemented The Economic Growth and Tax Relief Reconciliation Act of 2001, which calls for a gradual reduction in the top tax rate and an increase in the applicable credit until 2010. In that year estate taxes (but not gift taxes) are eliminated, however in 2011 the exemption goes back to $1 million and the assets above are taxed currently from 41 – 50% of your total estate. To add insult to injury the taxes are due 9 months after your death. The repeal of federal estate taxes which was proposed most recently under the present Republican administration is highly unlikely due to the democratic controlled congress and House of Representatives. Additionally, the proposed elimination of estate taxes View the rest of this article