We all face uncertainty. For the successful construction contractor nearing retirement, the current estate tax law rumblings out of Washington are particularly disquieting. The current estate tax is 35% and the current lifetime exemption is $5 million per individual and $10 million per couple. Experts are speculating that estate taxes may revert back to the 2002 rate of 55%, with the lifetime exemptions dropping to $1 million and $2 million, respectively. The brilliant lights in D.C. have made estate planning all but impossible with their dithering and class warfare rhetoric. Vigilance is paramount over the next few months, probably until after the November election. There has never been a more important time to consult with your estate planning professionals to understand your current circumstances.
