Legislative Updates from our Nation's Capital
Overview
What are the latest political and legislative developments and what do families need to be aware of post election? Jeff Cook of the Policy and Taxation Group discussed coming tax and estate planning legislative changes on Capitol Hill and what they they need to know to be prepared for 2013 and beyond.
Key takeaways include:
- American Taxpayer Relief Act provided most of what the lobbying group was seeking.
- Asked for 35/5 and spousal portability
- First time since 2001 that there is certainty and permanency in tax code.
- 40% rate (were lobbying for 35%)
- 5.25 Million exemption indexed for inflation
- Reunification – no longer wait until death
- Spousal Portability
- Did not touch preservation of valuation discounts, GRATS and State Estate Tax deductibility