After 12 years of uncertainty, the estate and gift tax laws were revised and made permanent. However, before we get too comfortable with these new provisions, let’s take a look at President Obama’s proposed 2014 budget. It looks like the newly-enacted estate and gift tax laws may be on the chopping block. The proposed budget set forth by the White House includes reducing the personal estate tax exemption amount to $3.5 million, without inflation adjustments, beginning in 2018. Gift tax exclusions would likewise be reduced, as well as some other inheritance-based taxes.
April 29, 2013 Add comments