Action on Estate Not Likely Anytime Soon
With only a couple of days until Congress takes its summer recess, it's likely that that nothing will happen with estate tax reform until September at the earliest. Even though this article from Investment News states that "reversion to 55% rate and $1 million exemption [is] not seen as likely," many tax professionals feel differently.
Persons whose estates would be affected by the estate tax at a $1 million exemption should not wait to plan, given the 55% rate that will apply. The potential cost to one's heirs is simply too great.
