Re-Designed Website

Please visit our re-designed website: www.doylelawpc.com

117 Days and Counting

Only 117 days left until the Federal Estate Tax is scheduled to return on January 1, 2010. The unified credit exemption amount for estates and gifts will again be $1 million total, with a top tax rate of 55%.

Given that the top tax rate for taxable gifts in 2010 is 35%, making taxable gifts in 2010 might make sense if congress does not act by year's end. However, you should check with your attorney or tax adviser before taking any action.

Latest on Federal Estate Tax.....

Bloomberg's Businessweek reports that the spending blueprint approved yesterday by the Senate Budget Committee assumes that the estate tax will be set at last year’s levels ($3.5 million exemption), with a $7 million exemption for couples, indexed for inflation, and a top rate of 45 percent. The Democrats were forced to allow the estate tax to lapse this year after they were unable to produce the 60 votes needed to extend it.

New Fax #

Notice: the fax number for Doyle Law PC has been changed to: 517-803-4396 effective immediately.

Estate Tax Reform In the Works?

Boomberg Business Week reports that, per Sander Levin, The House Ways and Means Committee will begin work next month to retroactively reinstate the 2009 Federal Estate Tax law which applied a 45 percent tax rate on the value of estates that exceeded $3.5 million per individual.

The lapse of the law, and the complicated capital gains tax that replaced, is was making it hard for families to plan their estates. One possibility being considered would let heirs choose to pay the capital gains tax that replaced the estate tax if that is more beneficial.

Who Will Inherit Your E-mail

Download and listen to this podcast of my recent Tuesdays with Tom teleseminar "Who Will Inherit Your E-mail".

Protecting the Family Cottage