Over the past eight years, the effective estate tax rate has declined dramatically as the size of the estate tax exemption has risen from $1 million to $3.5 million and the top tax rate has dropped from 55 percent to 45 percent
Lancaster, California (PRWEB) April 28, 2009
Antelope Valley estate planning law firm Thompson Von Tungeln discusses why individuals should monitor the proposed changes to the federal estate tax.
According to Antelope Valley estate planning lawyer Kevin Von Tungeln, President Obama's 2010 budget plan calls for a significant change to the estate tax.
"Under the tax plan passed during the Bush Administration, the estate tax was scheduled to disappear in 2010," said Von Tungeln, partner at Thompson Von Tungeln. "What President Obama is proposing is that the estate tax be kept at the 2009 levels - which exempts the first $3.5 million of an estate, then taxing the remaining amount, up to 45 percent."
The 2009 estate tax rates will remain in effect for at least 2010, eliminating some of the uncertainty over the estate tax rate.
Von Tungeln recommends those with large estates keep a close eye on the changes as the bill moves through Congress.
"Over the past eight years, the effective estate tax rate has declined dramatically as the size of the estate tax exemption has risen from $1 million to $3.5 million and the top tax rate has dropped from 55 percent to 45 percent," said Von Tungeln. "The present economic conditions and the Obama Administration's changes in fiscal policy will have a strong effect on the shape of the estate tax for the foreseeable future."
About Kevin Von Tungeln
With more than 17 years' legal experience, Kevin L. Von Tungeln serves Thompson Von Tungeln in the areas of estate planning, probate, trusts, wills, trust administration, conservatorships, guardianships and elder law. He is certified by the State Bar of California Board of Legal Specialists as a Board Certified Specialist in Estate Planning. Get to know more about Kevin's approach to estate planning by viewing his informational videos at: http://tinyurl.com/d59rz2. Kevin can also be found at LinkedIn by going to: http://www.linkedin.com/in/kevinvontungeln.
About Thompson Von Tungeln
Antelope Valley estate planning law firm Thompson Von Tungeln (TVT) offers sophisticated estate planning and administration for the affluent, discriminating client. As Board Certified Specialists in Estate Planning, Trusts and Probate as certified by the State Bar of California Board of Legal Specialization, partners Mark E. Thompson and Kevin L. Von Tungeln are expertly equipped to serve these clients with the creative, effective and custom solutions they demand. For more information, contact TVT at 661-945-5868 or visit their website at EstatePlanningSpecialists.com.
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