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Estates Attorneys FAQ
Serving all of Pennsylvania
What is Federal Estate Tax?
Many think that the federal estate tax has been repealed, however, that is just a myth. On June 7, 2001, President Bush fulfilled his campaign promise to reduce taxes, but the repeal of the federal estate tax does not kick in until the year 2010. In the meantime, the estate tax exemption increases to $1.5 million in 2004 and 2005, $2 million for 2006 through 2008 and $3.5 million in 2009.
However, the repeal is temporary. That is, if you survive until after 2011, the entire tax is scheduled to be back with just a $1 million exemption.
Once your assets reach this amount, things get complicated and it is best to contact an estates attorney.
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The team at Michael J. O'Connor & Associates is ready to begin tackling your legal problem today. Email or Call our toll free number at 1.800.518.4LAW for a free initial consultation and review of your case.
