Just when we thought that the “permanent” estate tax law passed only in January of 2013 would give us certainty for planning our estates for years to come, according to an article appearing April 10, 2013 in The Washington Times, President Obama seeks in his new budget to raise the estate tax. President Obama’s budget would raise estate tax starting in 2018. The plan lowers the current exemption amount from $5,250,000 per person in 2013 to $3,500,000 in 2018 and increases the rate from 40% to 45%. What does this mean to us that are trying to be good stewards of our money? Once again our President is creating uncertainty!!!
I will keep you informed as this story develops.