Tax Law

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Why is there a key difference between estate tax in 2012 and 2013?

The current Estate Tax system is set to expire in 2013. Next year, an individual will have an estate and gift tax exemption of $1,000,000. A couple does not have double that amount unless they properly plan their estate. The tax rate also changes. Amounts greater than $1,000,000 are taxed up to a 55% marginal rate.