It would be risky to make financial or estate plans according to claims that presidential candidates are making. All four Republican candidates say that they plan to eliminate the estate tax, but the possibility of that actually happening is pretty remote. Through the end of 2012, the estate tax only applies to estates greater than $5 million. In 2013, the estate tax will apply to estates of $1 million or larger unless Congress acts.
See Emily Behlmann, Republicans Say They’ll Eliminate Estate Tax, But You Probably Shouldn’t Count On It, Wichita Business Journal, Feb. 24, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
