April 22, 2015 (Houston, TX) - On April 16, the U.S. House of Representatives voted to repeal the estate tax (H.R. 1105). Senate consideration looks uncertain if not unlikely. However, even if the measure were to pass both chambers, President Obama has stated his intention to veto it.
With the prospect of the estate tax remaining in effect for the long haul, now is a good time for clients to review their estate planning, which, above the $5.43 million per person exemption, is taxed at up to a 40% rate, exclusive of the income taxes payable.
Montere Wuensche
With proper estate planning in place, the current federal estate tax exemption can rise to $10,860,000 for a married couple. Additionally, proper estate planning assures that your hard earned wealth doesn't end up in the hands of an ex-son or ex-daughter-in-law, whom you haven’t even met yet. That is, proper estate planning is both (i) to ensure that assets stay where they are intended, protected from divorce and bad business decisions of your family members; as well as (ii) to minimize estate taxes.
By way of background, our Firm's Monty Wuensche has been practicing estate & gift tax law for over 15 years.
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