Posted on Mon, Dec 07, 2009
Here is a great article from the Minnesota Post in regards to the extension of the current estate tax limits. Essentially what is happening is that the current estate tax rate will increase to 55%, up from 45% currently, in 2011 unless the Senate votes on a reform prior to December 31st of this year.
Do you need to worry? Most of us don't, now, but you may in the future. The estate tax currently only comes into play with estates over $3.5 million for individuals or $7 million for couples. According to the article this only affects 1 in 500 estates. However, the estate tax is scheduled to decrease to any estate over $1 million by 2011! When you factor in your home value, investments and personal belongings, this could affect many of us.
The government is always making changes to how wealth is transferred in this country. Keeping informed is your best line of defense. Let us know if you have any other questions or if this increase will affect your estate.
View Article