Next year, barring congressional action, the exemption level falls to $1 million and the top rate rises to 55%
In an election year, this is a hot potato.
For years the exemption amount was unchanged at $600,000 but in the past 12 years or so it has continually gone up and down without much thought to the long term strategy.
How can we, as investors and tax payers, properly plan our estates when the rules keep changing?
Read the following article for more information.