Estate tax free amount to be $5M under President Obama’s 2013 budget, contrasted with the Republican’s proposed repeal of estate tax. (See post from 2/13.) Only time will tell…. Copyright 2012 Phillips Law Offices, A Professional Corporation

H.R.1259 –  This bipartisan House bill would permanently repeal the federal estate tax, repeal the federal generation-skipping transfer tax, and extend the $5.12 million lifetime gift tax exemption and 35% gift tax rate. Currently the bill has approximately 194 co-sponsors. Of course, only time will tell what will happen in this election year.