In the United States the primary death tax is the federal estate tax.  The estate tax "reform" as passed in 2001, was scheduled to "sunset" or expire at the end of 2010 and the credit amount was to drop back to one million dollars.  However, as a part of the extension of the "Bush" tax cuts, significant changes to the estate tax code have occurred.  But these changes too are temporary, and set to expire after 2012.  Under the current rules, the estate and gift tax code provides each US Citizen in 2011 and 2012 will have a credit (or exemption) that results in no taxation to the first five million dollars ($5,000,000.00) in the decedent's estate.  For estates that exceed this amount the tax rate will be 35%.  For married couples, the rules have been modified to make it easier for the surviving spouse to used the unused portion of the deceased spouse's exemption. 

We still waiting to see what Congress will do to address the estate tax issue on a long-term basis, but the foundation has been laid to make a permanent change to a $5 million (or $3.5 million) exemption, unless gridlock allows the "Bush" tax cuts to expire.

To learn more call 816.415.9455 today to schedule a free consultation! 

Note: We DO NOT provide free reviews to persons seeking a review of unexecuted documents downloaded from the internet!  Internet documents will not provide you with an adequate estate plan.  We DO NOT offer free legal advice.  We DO NOT respond to calls or e.mails to our office from those seeking free legal advice.  We DO offer a free initial consultation to those persons that are serious about establishing a proper estate plan or updating an existing estate plan.