Doctors, Lawyers and other professionals are concerned about claims of malpractice to the point that they take measures to protect themselves by purchasing insurance and structuring their assets appropriately.  One group that seem to care less about it is the Congress of these United States; at least with regard to the  Federal Estate Tax.

Because of the gross negligent inaction of Congress in 2009, there is temporarily no Estate Tax in 2010.  Those of us watching this issue would never imagined such a thing.  Throughout 2009 multiple bills were proposed in the House and the Senate, the latest simply extended 2009 law but none were ultimately debated nor passed.

Why is this so unthinkable? Because of the consequences!  How many people are terminating their existence for the benefit of their heirs?  Worse yet, how many 90 year old grandmothers are being discovered in the morning, deceased, with a pillow next to them?

According to existing law (no action by Congress necessary), the Estate Tax will return in 2011 at a 55% rate for all property valued in excess of $1 million.  Previously, the rate applied to all property value in excess of $3.5 million. What does that mean?  It means that a far greater amount of people will encounter the Estate Tax.  If a married couple executed a Living Trust and/or Will, their Estate Tax exemption will effectively double to $2 million at the second death. There is no Estate Tax for death transfers made to a spouse, if that spouse is a U.S. citizen.

Please contact us if we can answer any questions.

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