Good news for taxpayers! The new tax bill was signed into law today. This law will extend for two additional years the Bush-era tax rates, including the 15 percent long-term capital gains and qualified dividends rate. It will provide substantial estate tax relief: the law will reintroduce the federal estate tax with higher exemption amounts, $5 million per person, $10 million per couple, and lower rates (35% maximum vs. 45% in past years), among other noteworthy provisions. The bill was approved by the House of Representatives late last night; it was signed by President Obama this afternoon.
Please contact estate planning attorney Phil Rarick at (305) 556-5209 to discuss the potential impact of the bill on you, your family and your business. This bill may open up important planning opportunities for you.