A healthy 55-year-old man can expect to pay $925 annually for $164,000 in current long-term care insurance benefits, accordin...Read more
Congress Approves Estate Tax Repeal At Least for One Year
- May 29th, 2001
Under the $1.35 trillion tax cut bill passed by Congress, the estate tax will be eliminated in 2010. Until the tax is completely abolished, the size of estates exempt from taxes will rise from the current $675,000 to $1 million in 2002, $1.5 million in 2004, $2 million in 2006 and $3.5 million in 2009. At the same time, the current top estate tax rate of 55 percent would be gradually lowered to 45 percent by 2007.
Although the estate tax is slated to be eliminated in 2010, it is entirely possible that it could return the following year. This is because the new tax cut bill 'sunsets' at the end of 2010. If Congress does nothing between now and then, all the provisions, including the repeal of the estate tax, will revert to current law. The Administration has announced that it will try to speed up provisions of the new tax law, including estate tax repeal, in future tax bills. In other words, the fight over repeal of the estate tax is far from over.
The non-profit group OMB Watch, which has fiercely opposed repeal of the estate tax, is hailing the new estate tax provisions as a victory. 'In effect,' the group says, 'the estate tax has been preserved and [supporters of repeal] have been left with only a symbolic victory.' Nevertheless, OMB Watch estimates that the estate tax changes will cost the government more than $138 billion over the next 10 years. For OMB Watch's analysis of the estate tax provisions, go to ombwatch.org.
Local Elder Law Attorneys in Ashburn, VA
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Needham Mitnick & Pollack, PLC
Judith Mtinick is well known for acting as a guardian, conservator, trustee or agent on behalf of clients or by court appointment. This experience gives her a wide perspective and extensive practical knowledge that she uses when advising clients in drafting their planning documents. Her experience, as a court appointed...
Felinton Elder Law & Estate Planning Centers
Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...