Congress finally came to an agreement to avoid the "fiscal cliff," and the agreement includes some changes to estate taxes an...Read more
"Fiscal Cliff" Deal Includes Only Small Change to Estate Tax
- January 26th, 2015
As part of the tax compromise Congress approved to avoid tumbling down the “fiscal cliff,” the amount that is exempted from estate taxes will remain the same as it has been for the past two years, although the maximum tax rate will rise by 5 percentage points.
The American Taxpayer Relief Act, which passed the House by a vote of 257 to 167, permanently sets the estate tax exemption at $5 million for an individual (now $5.43 million due to inflation) and $10 million for a couple (now $10.86 million).
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...
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...
Law Offices of John L. Laster
John Laster is a lawyer licensed to practice in Virginia, Maryland and the District of Columbia. He limits his practice to wealth transfer planning, trusts, wills, powers of attorney, health care decision-making issues, estate administration and related tax, elder law and disability concerns. Listed in The Best Lawyers...
But Congress did make one change to the prior rules: the maximum tax rate on inheritances above these levels will increase from 35 percent to 40 percent.
The gift tax and generation-skipping transfer tax exemptions will also remain the same as last year, adjusting for inflation.
Last Modified: 01/26/2015