Estate Tax Revival
As most everyone knows by now, Congress and the President have reached an agreement to extend the Bush Era tax cuts for another two years. Included in this agreement is the return of the federal estate tax. The proposed reinstatement will carry an exemption of $5 million per person and a tax rate of 35%. This is good news for most people as a relatively small percentage of Americans will be hit with a federal estate tax. But remember, Washington State still has its own estate tax with a $2 million per person exemption and a top tax rate of 19%.
