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In a recent contribution to Boomer-Living.com, estate planning attorney and columnist, Gary Altman, updates readers on changes to the Federal Estate Tax.
Altman explains, “The exclusion amount (the amount you can pass to your children and others without any federal estate tax) will be permanently set at $3.5 million. Estates in excess of $3.5 million will be taxed at a rate of 45%. Estates in excess of $10,000,000 will be taxed at a rate of 50%. While these rates are still lower than the maximum rate in effect prior to 2001, they are still so high that advanced estate planning should still be a priority.”
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