Estate Tax and the Fiscal Cliff
The current estate tax rate is 35% with a $5 million exemption. That is all set to change in 2013, with the rate jumping to 55 percent and the exemption dropping to $1 million. While there is still hope that Congress will do something before the end of the year to avoid such dramatic changes, some fiscal cliff talks have turned to the estate tax as the solution, leaving many Americans wondering if their estates could be affected by the changes. If you have questions about your current estate plan, or need to set up an original estate plan, speak with a knowledgeable estate planning attorney about your options.