House Votes to make permanent 2009 Estate Tax

The U.S. House of Representatives passed a bill today which would make this years $3.5 million dollar per person estate tax exclusion permanent.

You can see a Bloomberg story on this event here.
The bill that passed is H.R.4154, entitled "Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009."

Next the Senate will take up the Estate and Gift Tax Issue. All indications are that the Senate will keep the $3.5 million estate tax exclusion as well.

Indeed in a previous article I noted that all current proposals pending before Congress would have made the $3.5 million Estate Tax Exemption permanent. There are some important differences between the bills involving the use of intra-family discounts, new limitations on GRATS (Grantor Retained Annuity Trusts), and portability of the exclusion.

Stay tuned. When a new bill passes both houses I will write on what changes were enacted.

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
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