On December 3, 2009, the House approved the "Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009." The bill would make permanent the present-law estate, gift, and generation skipping transfer tax laws in effect for 2009. This would cancel the one-year repeal of the estate tax that is scheduled to begin next month. After 2010, the current law has the estate tax rate reverting to a 55% rate on estates larger than $1 million. The current bill, however, would make the highest estate and gift tax rate 45% and exempt estates smaller than $3.5 million from the estate tax. With basic estate planning, a married couple will be able to exempt $7 million from the estate tax under the new bill.
For additional information, please contact Bethanie Pollock at 616-538-7100 or bpollock@gabridgeco.com.
For more information about our services go to www.gabridgeco.com.
Click Here to Join Our Mailing List
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment