In the deficit reduction plan announced by the President today, your estate tax exemption just vanished.
As you know, the estate tax exemption became $5 million on January 1st of 2011. However, that exemption is reduced to only $1 million on January 1, 2013.
The President's announced plan would make the $1 million exemption permanent. This is a drastic increase in federal estate taxes resulting from an absurdly low exemption of $1 million and a top estate tax rate of 55%.
What is your take on this announcement? I don't know if the President has the votes in Congress to get this through, but if passed, it is a disaster for your family.
Please read the article below:
Obama Lays Out Plan to Reduce Deficit by $4 Trillion in 12 Years | Advisor One
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