Less Estates to be Taxed in 2009

In an article in The Wall Street Journal from January 7, 2009, new tax cuts proposed by President-elect Barack Obama were outlined that provide likely benefits to many estate planners.

Beginning the first of the year, the federal estate-tax exemption increased $1.5 million from 2008, to $3.5 million.

This is likely to benefit many estate planners in 2009 because the number of estates subject to the tax is expected to decline AND larger estates affected will likely receive significant tax savings.

Stayed tuned to our blog for more updates impacting your long-term financial planning.