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"Fiscal Cliff" & GWB , will his greedy family pull the plug before the 31st ?

 
Anonymous Coward
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12/28/2012 11:47 PM
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"Fiscal Cliff" & GWB , will his greedy family pull the plug before the 31st ?
In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35% and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55%.
Many families are faced with a stark proposition. If the life of an elderly wealthy family member extends into 2013, the tax bills will be substantially higher. An estate that could bequest $3 million this year will leave just $1.9 million after taxes next year. Shifting a death from January to December could produce $1.1 million in tax savings. 



[link to taxprof.typepad.com]
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