In the fall of 2005 there were attempts to permanently repeal the federal estate tax. The 2002 tax law adopted a multi-year phase-out of the tax ending in 2010, but that repeal suddenly expired and the tax is automatically readopted if no further action is taken.
The stumbling block in the way of a permanent repeal is the opinion in the Senate to not let the super-wealthy completely off-the-hook. A compromise position which would especially help self employed individuals might be to substantially increase the per person/per spouse exemption, perhaps as high as $5 million.
For Baby Boomers, the wealthiest generation and ones with the greatest inherited assets, estate planning could take on a whole new meaning!
The stumbling block in the way of a permanent repeal is the opinion in the Senate to not let the super-wealthy completely off-the-hook. A compromise position which would especially help self employed individuals might be to substantially increase the per person/per spouse exemption, perhaps as high as $5 million.
For Baby Boomers, the wealthiest generation and ones with the greatest inherited assets, estate planning could take on a whole new meaning!
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