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The 2001 Tax Act provided substantial relief to taxpayers facing a federal estate tax. Prior to 2001, when the last federal estate tax changes were enacted, the exemption amount was $675,000 and the highest tax rate was 55%. Today the exemption is $2,000,000 with a 45% tax rate. In 2009, the exemption will be $3,500,000 with the tax rate unchanged. Thus, with proper planning, a husband and wife who have the opportunity to leave $4,000,000 to descendants federal estate tax-free today, will be able to leave them $7,000,000 tax-free in 2009. The issue for planners and taxpayers since 2001 has been – what happens after 2009?
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Contact Info:
Jeffrey W. Roberts, Esq. (413) 732-2301
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Richard M. Gaberman, Esq. (413) 732-2301
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