President Obama’s February 2011 Assumption for 2013 estate tax exemption

Estate Planning, Tax Planning

In the “General Explanations of the Administration’s Fiscal Year 2012 Revenue Proposals” (Feb. 14, 2011), the Treasury Department explained how the President’s 2012 budget proposals presume several important changes in the estate, gift, and GST taxes.  These changes include restoring the 2009 estate, gift and GST tax rules on January 1, 2013.  These would include a top estate, gift and GST tax rate of forty-five percent (45%), a one million dollar ($1,000,000) gift tax exclusion, and a three million five hundred thousand dollar ($3,500,000) estate and GST basic exclusion amount, and making portability of the deceased espousal unused exclusion amount permanent.

See www.treas.gov/resource-center/tax-policy

Copyright 2011 Phillips Law Offices, A Professional Corporation