A newly introduced House bill could help business owners postpone estate tax to prevent parts of their businesses being sold in order to pay estate taxes after they die. The American Solution for Simplifying the Estate Tax Act of 2014 (ASSET) was created by a Maryland business owner and was introduced on December 11, by Representative Andy Harris as H.R. 5872. The ASSET Act would give individuals the option of paying an additional 1% income tax during life to allow their estate tax to be deferred until the estate is sold.
See Diana Furchtgott-Roth, This Tax Change Could Keep Your Business Alive After Your Death, Market Watch, Dec. 19, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
