Estate Tax Update

The U.S. Senate adjourned on Thursday, December 24th without addressing the current estate tax law scheduled to enter one year of full repeal in 2010 followed by a return of the estate tax in 2011 with much lower exemption amount ($1 million) and a much higher maximum tax rate (55%).

On Dec 3, 2009 the U.S. House of Representatives passed H.R. 4154 which would have made the 2009 Estate Tax Level Permanent. For calendar year 2009, the estate tax exemption amount is $3.5 million ($7 million total for a married couple) and the maximum tax rate on estates is 45%.

I hope this information is helpful. Paul Deloughery
(You can contact me directly by email at paul@delougherylaw.com or phone at 602-443-4888. For more information, visit www.delougherylaw.com)

The information in this blog is general in nature and is not intended to address any particular situation.