Posted On: December 19, 2010
Inheritance and Estate Tax
The estate tax was first enacted in 1916. Since then, the rates have varied and slowly faded away. In 2009, the estate tax applied to estates above $3.5 million in value, or $7 million for a couple, at a rate of 45%. The estate tax disappeared entirely this year due to 2001 Bush tax cuts, only to be scheduled to return in January.
President Obama signed a bill to extend the estate tax for two years at a rate of 35% that will be applied to estates above $5 million in value, or $10 million for couples.
To learn more about this article, visit Inheritance and Estate Tax.
If you have any questions about inheritance and estate tax, please contact Wood, Atter & Wolf, P.A., in Jacksonville and Ponte Vedra Beach, Florida.
