03.09.09
Estate Tax Update
Where are we with the estate tax? One seminar commentator recently offered the following:
Under the Obama plan detailed during his campaign, the estate tax exemption would be locked in at the level which just went into effect in 2009, with 45% estate tax on any excess. That would exempt estates of $3.5 million–$7 million for married couples—from any estate tax. The $1 million gift tax exemption would remain in place. The step-up in basis on death would also remain in effect. This was the essence of HR 436, which was introduced on January 6, 2009.
