Congress is working hard to continue collecting death taxes next year and into the future. Right now, the Federal Death Tax is scheduled for repeal in 2010. However, our congressional representatives are feeling the heat of the economic crisis, making it nearly impossible to stay the course: they feel compelled to continue the tax.
A recent Forbes article explores the current debate on death taxes and discusses the additional impact of state death taxes that have made planning a lot more difficult. For instance, you will pay death tax in New Jersey if your estate is over $675,000, in New York if it’s over $1 million and in Connecticut if it’s over $2 million. It does not mention that you will pay death tax in Ohio if your estate is over $338,333!
Have you checked with your elder law attorney lately? Estate Tax Planning is more important than ever.
