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Wednesday, January 25, 2012

A Million Here and a Million There

While we try to get our heads around the millions in Romney's tax returns, maybe it is a good time to review the lesser millions of today's estate tax exemption.

An estate is exempt from estate taxes if it is worth less than $5.12 million this year, although change is not far off. Come 2013, if Congress doesn't make additional changes, this amount drops to $1 million. That means, for every dollar a taxable estate is above the $1 million exemption, it will be subject to federal estate taxes, up to 35%, upon the death of person creating the taxable estate. 

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