According to the Association for Advanced Life Underwriting (AALU), as of April 1, there are not enough votes in the Senate to pass a "permanent" estate tax bill. The Senate is deadlocked, with both the House and the Obama Administration agreeing that the exemption amount should be what it was in the 2009 law, when individuals could protect $3.5 million ($7 million for spouses who properly planned). Although, currently there is no estate tax in 2010 (assuming Congress does not reinstate the estate tax retroactively), the exemption amount drops to $1 million in 2011 if Congress doesn’t act.
Could we again have a $1,000,000 Applicable Exclusion Amount? It seems to be implied that Congress may chose not to act according to an article in the March 29, Daily Tax Report, which began: "The legislative picture in coming months is likely to be dominated by the need for revenue, as the budget deficit worsens and Congress seeks more funding to pay for ..."
ABOUT CHRISTOPHER R. TWINING
Christopher R. Twining, Attorney at Law, based in the Westwood Neighborhood of Los Angeles is an innovative estate planning, probate & trust administration, and elder law attorney, who offers in home services for busy and movement challenged clients. The Law Office of Christopher R. Twining serves the cities of Los Angeles, Santa Monica, Culver City, Beverly Hills, West Hollywood, Pasadena, Burbank and the neighborhoods of West Los Angeles, Westwood, Brentwood, Bel-Air, Pacific Palisades, Palms, Pico-Robertson and Encino. Dedicated to helping individuals and couples prepare comprehensive estate plans according to their wishes; he offers them these services at an affordable price, in the relaxed comfort of their homes. For more information about his services, please visit http://www.twininglaw.com or call (310) 492-5990.
CHRISTOPHER R. TWINING
LAW OFFICES OF CHRISTOPHER R. TWINING
1440 VETERAN AVENUE, SUITE 509
LOS ANGELES, CALIFORNIA 90024
(310) 492-5990 Fax (310) 775-9774
http://www.twininglaw.com



