U.S. Treasury Announces President Obama’s 2013 Budget and Proposed Estate Tax Law Changes

A special thank you to Robert Keebler of Keebler & Associates, LLP for the heads up that the U.S Treasury just released its FY2013 Greenbook, which provides an explanation of the Administration’s revenue proposals for Fiscal Year 2013. The Administration’s FY2013 budget proposes tax policy to boost growth, create jobs and improve opportunity for the middle class.

In particular, as estate planning professionals, we are all extremely interested to see what is going to happen with the current Federal Estate Tax Exemption Amount, which is set to revert back to $1 million in 2013. According to this bill, the estate tax exemption amount would revert back to the 2009 $3.5 million level. According to Robert Keebler, that despite this change, the income tax changes would keep us all busy for a decade.

Some estate planning professionals feel that this bill looks very similar to the 2012 Budget Proposal, which was released exactly a year ago on February 14, 2011 and was rejected by the Senate in a unanimous vote of 97 to 0.

To view the explanations of the proposed changes to the Estate & Gift Tax Exemption, click here.

To view the complete FY2013 Greenbook, click here.

Photo Source: AP

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