If you are a regular reader of our blog, it might seem like we have told you 1000 times that the estate tax exemption limit is scheduled to be reduced at the beginning of next year. We have not written about it quite that much, but we have spent a lot of time talking about it. Forgive us, but we need to do so again because this is an important issue for farmers, business owners, and middle class families of all sorts.
Unfortunately, it is looking like there will not be a fix for the impending estate tax exemption limit problem coming this year, or any time soon. Congress is currently in recess until after the elections. Neither side is expected to win a large enough majority to get its estate tax proposals passed without compromise. And, neither side is expected to compromise.
If you have not already done so, you need to prepare for the exemption reduction now. You cannot wait until the end of the year. You cannot wait for politicians to fix things. Talk to an estate planning attorney as soon as possible.
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