The Estate Tax Could Go Up to 60%, Reports New York Estate Lawyer

No one is entirely sure what the federal estate tax rate will be next year, not even the people who set the rates, says a New York Estate Lawyer. It could be anywhere from 41% to 60%, depending upon how much the estate is worth when its owner dies – and it’s not the wealthiest who pay that highest rate.
A finance writer told a New York Estate Lawyer, “Under current law, come Jan. 1, 2011… the estate tax, defunct for 2010, will spring back to life, grabbing 55% of any assets over $1 million not to left to a spouse or charity.”
A CPA from Michigan, pointed out, however, that the 55% rate only applies to assets over $3 million. It’s 41% for assets between $1 million and $1.25 million. The rate is 43% between $1.25 million and $1.5 million, all the way up to 55% on $3 million estates, according to New York Estate Lawyers.
It rises to 60% with a federal surtax for estates with assets between $10 million and $17.184 million. Over that amount, the surtax does not apply.
The surtax was repealed as part of the 2001 Bush tax cuts, which slowly lowered the estate tax over the past ten years, culminating in it being 0% for 2010. In 2009, the estate tax was a flat 45%. Unless Congress has another plan, the tax rates will go back to their pre-2001 levels on January 1, 2011.
Confused? You don’t have to be if you have a New York Estate Attorney to help you work though the ever-changing tax code. Trust your legacy only to the best – a New York Estate Attorney.

If you or a loved one is having trouble with the tangle of tax laws, a New York Estate Attorney is ready to assist you. You want to avoid all the legal troubles that come with money, or at least make them less problematic. Your best possible ally in that endeavor is a New York Estate Attorney.