The new estate tax and you.

The bill called The American Taxpayer Relief act of 2012 provides an exemption from estate taxes on the first $5 million passed to non-spousal heirs.  If the bill had not been enacted, the exemption would have dropped to $1 million.  In addition, the act allows the widow or widower to use the unused portion of the deceased spouse’s exemption, making it possible to leave an estate to non-spousal heirs of $10 million. 

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