Estate tax changes could affect more people than ever before

The changes scheduled to take effect next year regarding estate and gift tax laws have many rushing to make changes.  For example, an estate totaling $1 million will be subject to an estate tax of fifty-five percent.  Even though this seems like a high amount to most people, it is not unheard of in larger cities where the cost of living is much higher than in other parts of the nation.

The changes in gift taxes also have many families scrambling to find ways to gift property now to avoid higher taxes.  For more information read “Coming changes in estate, gift taxes stir ‘frenzy’.”