Yesterday, April 10, President Obama released a 2014 budget proposal in which he seeks to overhaul the estate tax, yet again.<\/p>\n
According to Bloomberg Businessweek:<\/p>\n
Obama\u2019s budget would drop the per-person exemption from estate taxes to $3.5 million from $5.25 million this year and increase the top estate tax rate to 45 percent from 40 percent. The $3.5 million exemption wouldn\u2019t be indexed for inflation.<\/p>\n
‘It gives us new meaning to the word permanent,’ [Holland & Hart’s Scott] Sloan said. ‘Apparently permanent means five years.’<\/p>\n
The proposal to restore the estate tax to 2009 levels may re-ignite discussions among wealthy families and advisers that occurred last year when the threshold was set to drop to $1 million, said Jay Messing. He\u2019s a senior director of planning in the Northeast for the private bank unit of San Francisco-based Wells Fargo & Co. (WFC).<\/p>\n
Even more controversial, Obama wants to cap IRA’s at $3.4 million and prohibit heirs of IRAs from stretching their distributions over their life expectancies.<\/p>\n
See the entire article here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" Yesterday, April 10, President Obama released a 2014 budget proposal in which he seeks to overhaul the estate tax, yet again. According to Bloomberg Businessweek: Obama\u2019s budget would drop the per-person exemption from estate taxes to $3.5 million from $5.25 … Continue reading