Politics and Federal Estate Tax 2016

Inheritance taxThe IRS calls the estate tax “a tax on your right to transfer property at your death.” https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax (September 23, 2016). Democratic presidential candidate Hilary Clinton has reportedly suggested that individuals giving more than 500 million dollars in gross assets upon death should be taxed at 65 percent. http://fortune.com/2016/09/23/hillary-clinton-inheritance-tax-billionaire-estates/ (September 23, 2016). Mrs. Clinton has also suggested that the individual exemption should be reduced from 5.45 million to 3.5 million. Republican presidential candidate Donald Trump is reported to have suggested that the estate tax should be eliminated.

Find out what your first step is to reducing your federal estate tax liability at https://www.marquardtlawfirm.com/wills-trusts/federal-estate-tax-plan.html  

This information does not constitute a legal opinion and does not constitute legal advice. Legal opinions and legal advice can only be given after a qualified attorney has reviewed your specific facts and circumstances, has analyzed the current law and applicable regulations, and has applied the law to your unique case. Marquardt Law Firm, P.C. provides this information only for those who know full well that relying on newsletters and internet information should not be the sole basis for taking action.

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