Estate taxes expected to rise next year

Posted on June 16th, 2010 No Comments

The 2010 federal estate tax disappearance has caused a lot of confusion amongst the wealthy. Even those who could benefit from this year-long tax drop are frustrated and many have changed documents that they will probably have to change back in 2011. Next year, the tax is set to return at a higher rate than in 2009.

This tax hiatus essentially means that heirs of wealthy people who die this year will owe no taxes. In 2009, if you were the heir of a wealthy person, you were legally obligated to pay a 45 percent tax to the Treasury. This year, you are not obligated to pay any money in taxes. However, next year, heirs will have to pay a whopping 55 percent of their estate in taxes.

If you or someone you know needs assistance with the complicated issues behind estate planning, contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-362-2865.

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