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Archive for January, 2013

Yesterday, Congress passed, and the President is poised to sign, legislation to avert the “fiscal cliff”.   As part of the compromise bill, Congress included an extension of the federal estate tax exemption amount of $5.12 million for individuals, and up to $10.24 million for married couples (the concept of “portability”).  Congress also increased the top rate from 35% in 2012 to 40% in 2013.    Forbes Magazine has an excellent article explaining the estate tax and the impact of the 2013 ‘fiscal cliff’ legislation which you can find here:  After the Fiscal Cliff Deal:  Estate and Gift Tax Explained

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As the U.S. House of Representatives takes up debate today on legislation to avert the “fiscal cliff”, most major news agencies are reporting that the deal being struck includes an extension of the federal estate tax exemption amount of $5 million for individuals, and $10 million for married couples, with the top rate going from 35% in 2012 to 40% in 2013.  Check back here for updates.

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