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Estate Tax Changes – UPDATE 12.10.2010

With Congress inching closer to finalizing a last minute deal that would extend the Bush-era tax cuts that expire at the end of this month, it looks as though the federal exemption level for estate taxes might return to the $3.5 million-per-individual levels last seen in 2009. While there is no guarantee that this deal will finalize before the end of the month, there is more hope than ever that some sort of an deal will be worked out so that we don’t see a return to the $1.0 million-per-individual level of 2001.

The extension of the Bush-era plan would be welcome news to most of our clients. Stay tuned over the next few weeks for more information on this issue. As always, if you have any questions regarding how federal tax limits might affect your estate plan, please give us a call at either our Battle Ground or Snoqualmie office. We are always happy to answer your estate planning questions – even if Congress can’t make up its mind!