Wednesday, May 20, 2009

New Estate Tax Changes

Due to the struggling economy, lawmakers in Washington, D.C. have proposed changes to the estate tax laws. The proposal outlines that in 2011,anything over 1 million dollars is now taxed 55%, in accordance with pre-2001 numbers. For the 2010 tax year, the estate and generation skipping transfer taxes are repealed. In the same year, the gift tax rate will fall to 35%.