Sensible Estate Tax Act of 2011 ??
01/04/2012
Currently, estate tax law exempts the first $5 million of assets from estate taxes at your death. This means that you can pass up to $5 million to your heirs, tax free.

Rep. Jim McDermott, (D-Wash) recently introduced transfer tax reform legislation to the House Ways and Means Committee, H. R. 3467. Dubbed the "Sensible Estate Tax Act of 2011," the new law would drop the exempt amount back down to $1 million and restore high tax rates, reaching 55%.

If this bill passes and is made into law, then, at your death, any assets you own over $1 million will be taxed at the rate of 55%, before your heirs receive any inheritance.

Prospects for Rep. McDermott's proposed law are uncertain as of this writing.

by Jeff Skates

Archived Blogs

• Florida Durable Powers of Attorney (09/16/2011) - Florida's Durable Power of Attorney laws
• Year end tax planning (09/16/2011) - It may be more important than ever to en
• 09/16/2011 - Various local newspapers have recently r
• Welcome (09/16/2011) - Welcome to the new and improved McLin Bu