The White House has issued its 2013 fiscal year revenue proposals, with estate and gift tax changes consistent with administration's earlier stance on those rules. Beginning next year, the estate tax exemption would decrease to $3.5 million and the rate would increase to 45%. Spousal portability of the estate tax exemption, however, would remain. The gift tax exemption would go back to $1 million.
Proposals to require GRATs to have 10 year minimum terms and to eliminate certain valuation discounts are also included.
With the upcoming elections and the big fight over income taxes, there is little change that these proposals will become law.
Herman-Giddens, JD, LLM, TEP, CFP, Attorney at Law (NC, FL, TN),
Board Certified Specialist in Estate Planning and Probate Law (NC). North
Carolina Registered Guardian, Solicitor, England and Wales. Follow
his blog, North Carolina Estate
. . . .
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