Legislation setting a 35 percent estate tax rate with a $5 million exemption is now law -- at least for two years . . ....Read more
Congress Approves Resolution Fixing Estate Exemption at $3.5M
- May 20th, 2007
The House and Senate have approved a $2.9 trillion budget resolution that would keep the estate tax at where it will be in 2009 under the current law. This means that the per-person estate tax exemption would be $3.5 million ($7 million for a married couple) and the top tax rate would be 45 percent.
Congress's vote for the nonbinding budget blueprint sets guidelines for it to follow when writing tax and spending legislation later this year. The House passed the measure by a 214-209 vote without a single Republican voting for it. The Senate vote was 52-40 in favor, with Republicans Olympia Snowe and Susan Collins of Maine joining Democrats in voting yes. The budget doesn't have the force of law and any changes to the estate tax would have to be made through subsequent legislation, but it is a clear sign of congressional sentiment.
The estate tax is set to expire in 2010, followed in 2011 by a return to 2001 levels, with an individual exemption of $1 million and a top tax rate of 55 percent. In the last Congress, Senate Republicans fell four votes short of a measure that would have increased the estate tax exemption to the first $5 million of an individual's estate and would have lowered the top estate tax rate to 35 percent.
For an earlier article on the estate tax, see "Fixing Estate Tax at 2009 Level Appears to Have Senate Support".
Local Elder Law Attorneys in Ashburn, VA
Hammond and Associates, LLC, Elder Law, Estate Planning, Wills, Trusts, Probate
For Jeffrey Hammond, the practice of Elder Law is personal. Jeff’s many years of experience in law and in business did not prepare him for the crisis he faced in 2005 and 2006 when his father suffered a stroke and both of his parents suffered from dementia and other medical problems. At that time, Jeff began an i...
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...
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...