I hope it happens, as there is plenty for families to plan for besides taxes. If it does happen, my clients with the latest planning are prepared.
Currently, individuals can inherit estates worth up to $5.45 million without being taxed. Estates valued over that threshold are taxed at a rate of 40 percent, under a bipartisan compromise that was included in the 2013 fiscal cliff deal. According to GOP aides, full repeal of the estate tax would cost an estimated $200 billion over 10 years.But Thune and allies such as House Ways and Means Chairman Kevin Brady of Texas argue that the current threshold for the exemption excludes a number of family-run businesses and farms, forcing heirs in some cases to liquidate assets to pay estate taxes. Last year, seven Democrats joined 233 House Republicans to pass Brady’s estate tax repeal bill on a 240-179 vote.