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...
Ron M. Landsman, P.A.
Ron M. Landsman has been practicing elder law since 1983, before it was known as elder law, originally with Landsman and Laster, Washington, D.C., then Landsman, Eakes and Laster, also in Arlington, VA, and since 1990 in his own practice in Montgomery County, Maryland. He has been among the most active members of the...
Hale Ball Carlson Baumgartner Murphy PLC
Attorney Samantha Simmons Fredieu is an associate at Hale Ball. Ms. Fredieu graduated magna cum laude from Vermont Law School where she was the symposium editor on the Vermont Law Review, a production editor on the Vermont Journal of Environmental Law, and a member of the Moot Court Advisory Board. She has clerked for...