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Tentative Deal on the Table for Estate Taxes
Posted in Estate Planning

President Obama and Congressional GOP leaders have reached a tentative deal concerning extensions and modifications of various federal taxes. As concerns the estate tax in particular, the deal calls for a $5 million exemption amount and a 35% rate, both of which will sunset after two years. No word yet on whether other proposed modifications to the estate tax, such as 10-year minimum terms for Grantor Retained Annuity Trusts (GRATs) or limitations on valuation discounts are addressed by this deal. Keep in mind that this is a tentative deal between the President and GOP Congressional leaders. It is not clear whether there is sufficient support among Congressional Democrats and rank-and-file Congressional Republicans to move legislation on these terms. For more, see: http://online.wsj.com/article/SB10001424052748703296604576005270162137088.html?mod=WSJ_hp_MIDDLETopStories http://blogs.forbes.com/hanisarji/2010/12/07/estate-tax-in-obama-deal-the-great-divider/

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