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Estate Tax Reform

Congress and President Obama enacted the "American Taxpayer Relief Act (ATRA) of 2013" on January 2, 2013.  This Act made permanent the changes Congress made to the estate tax rules in December 2010, except that the top estate tax rate was increased from 35% to 40%.  Thus, for decedents dying after December 31, 2013, the estate tax exclusion is $5.34 million per person (the $5 million amount from 2010, indexed for inflation), and the top tax rate is 40%.

January 2, 2013
On Jan. 1 both the Senate and House passed H.R. 8, legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on Jan. 2.