Update on The Death Tax Repeal Permanency Act

Almost a year ago, H.R. 1259, The Death Tax Repeal Permanency Act, was introduced, and today it has over 200 co-sponsors in the U.S. House of Representatives. The Bill seeks to make the current 35% gift tax rate and $5 million lifetime gift tax exemption permanent and to repeal estate and generation-skipping transfer taxes.

Insurance providers that provide products to help insured individuals handle the burden of estate taxes could suffer if the Bill is passed. Additionally, many experts believe that the Bill will likely not pass until after the general election in November which could put even more of a burden on these insurance companies.

See Michael K. Stanley, Does the Death Tax Have a Date with the Grim Reaper?, Life Health Pro, Mar. 1, 2012. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.