Portfolio
The Estate Tax Is Back
TD Ameritrade | January 2012
Image Credit: TD Ameritrade
Excerpt
New laws have significantly changed the estate tax, which is back after a one-year repeal in 2010. Under the new law, the first $5 million of an estate is tax-exempt, and amounts in excess of that limit are subject to a maximum 35% tax. The laws, which are scheduled to expire at the end of 2012, also changed the rules governing gift and generation-skipping transfer taxes. We spoke with attorney Carol Harrington, a partner in McDermott Will & Emery LLP in Chicago and an expert on transfer-tax law, to find out what the new laws may mean for giving and estate plans.
