Last December, President Obama and Congress acted. They did not let taxpayers face a situation where there was no federal estate tax in December, but there would be a federal estate tax on January 1st with an exclusion of only $1,000,000 and a tax rate of 55%. If that had happened, we might have been reading stories in the newspapers about families who pulled the plug on elderly relatives in December to avoid the estate tax. What a nightmare that would have been! But our leaders did act, and in a surprising way.
Highland Investment Advisors’ Whew! They Didn’t Pull the Plug on Grandma. can be viewed by clicking here.
Access the entire Highland Columns Volume 2, Issue 1 by clicking here.