Of interest to clients concerned about the federal estate tax, is thatthe United States Senate voted today today by a slim margin to approve an ammendment to a Senate Budget bill that would actuallt increase the size of estates that are exempt from Federal Estate Tax (also known as the death tax). However, this is merely a budget bill and only in the Senate, so it does not have the effect of law. The Obama administration wants to exempt estates up to three and one half million dollars (which includes life insurance).. This new bill would raise that amount to five million dollars. Read more about the Senate Death Tax vote.
David M. Frees III