If Congress does not act, the federal tax exclusion will fall to $1 million in 2011. However, most lawyers believe that Congress will compromise the amount will of exclusion will be raised above $3.5 million. It is currently at $2 million this year and will rise to $3.5 million next year.
Senator Obama would like a $3.5 million exclusion with 45% being the top tax rate. Senator McCain is advising a $5 million exclusion with 15% being the top tax rate.
If you have questions regarding estate law, contact the Austin probate lawyers of Slater & Kennon by calling 512-472-2431 today.
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment