No Estate Tax Reform

Repeated efforts in June and July to reform the estate tax have failed. The reforms would have increased the exemption permanently to $5,000,000 by 2016 and indexed it for inflation thereafter, reduced the rate from about 45% to 15% (30% for amounts over $25,000,000), and made the unused portion of a person's estate tax exemption portable to the surviving spouse.

Every attempt passed the House comfortably, but failed to attain the 60 votes required in the Senate to forestall a filibuster and thus allow the issue to even come to a vote. Another attempt may occur in October.

Serving Worcester County, including Worcester, Shrewsbury,
Northborough, Westborough, Sturbridge, and Harvard

© Copyright Smith Worthington, LLC, Counsellors-at-Law
102 Shore Drive, Suite 100 Worcester MA 01605
Just across the street from the Greendale YMCA. Plenty of free parking.
Phone: 508-853-1900 Fax: 508-853-1777
Email: markw@ma-estateplanning.com Web: www.ma-estateplanning.com

The material on this page or email messages sent to markw@ma-estateplanning.com
does not constitute legal advice or create an attorney client relationship.

Certified as an Elder Law Attorney by the National Law Foundation, a private non-profit organization accredited by the
American Bar Association, but whose standards for certification are not regulated by the Commonwealth of Massachusetts.