Thursday, January 31 2013
Transfer tax provisions kept intact with slight rate increase. The Act makes permanent for exemption lever of $5,000,000 (as indexed for inflation) and increases the top estate, gift and rate from 35% to 40%. The Act also continues the portability features that allows the estate of the first spouse to die to transfer his or her unused exclusion to the surviving spouse. All changes are effective for individuals dying and gifts made after 2012.
Posted by: Accounting Manager Pro AT 03:18 pm | Permalink | 0 Comments | Email