• Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Anderson, Dorn & Rader, Ltd

Reno Estate Planning Attorneys

  • Home
  • About Us
    • About Our Firm
    • Communities We Serve
      • Carson City
        • Churchill County
          • Fallon
      • Douglas County
        • Gardnerville
        • Minden
      • Lyon County
        • Dayton
        • Yerington
      • Washoe County
        • Incline Village
        • Reno
        • Sparks
    • Meet Our Team
    • News & Events
  • Services
    • Advanced Estate Planning
      • Estate & Gift Tax Planning
    • Asset Protection
    • Trustee Services
    • Financial & Investment Planning
    • Foundational Estate Planning
      • Estate Planning Services
      • Inheritance Estate Planning
      • Incapacity Planning
      • IRA & Retirement Planning
      • Legacy Wealth Planning Reno
    • LGBTQ Estate Planning
    • Pet Planning
    • Probate & Trust Administration
    • SECURE Act
    • Special Needs Planning
  • Resources
    • Blog
    • DocuBank
    • Estate Planning Resources
      • Estate and Gift Tax Figures
      • Estate Planning Articles
      • Estate Planning Definitions
      • Free Estate Planning Worksheet
      • Is Your Estate Plan Outdated?
      • Top Estate Planning Techniques
    • F.A.M.E.
    • Frequently Asked Questions
      • Asset Protection
      • Estate and Gift Tax
      • Estate Planning
      • LGBTQ Estate Planning
      • Pet Planning
      • Probate
      • Probate and Trust Administration
      • Special Needs Planning
    • Newsletters
    • Pre Consultation Form
    • Reports
      • Advanced Estate Planning
      • Basic Estate Planning
      • Estate Planning For Niches
      • Trust Administration
    • Top Five Ways to Avoid Probate
    • Trust Administration Checklist
    • Videos
  • Events
  • Contact
  • Reviews
    • Our Reviews
    • Review Us
    • (775)  823-9455
    • ATTEND AN EVENT
Anderson, Dorn & Rader, Ltd.
Home » Probate » The Future of the Estate Tax

The Future of the Estate Tax

July 20, 2012 by Gerald M. Dorn, Estate Planning Attorney

In the United States, a decedent’s estate is potentially subject to an estate tax upon death. Whether or not the estate tax will apply, and the rate at which the estate will be taxed if it does apply depends on the laws in place at the time. For many years, an estate has been allowed an exemption amount from the estate tax. This means that each estate may have assets valued up to the exemption amount before the estate tax kicks in. After that, the estate will be taxed at the current estate tax rate. As of 2012, the  exemption amount is $5.12 million and the estate tax rate is 35 percent; however, those are both set to change for 2013.
The current exemption amount is at an historic high. Just a few short years ago the lifetime exemption amount was set at $1 million. The legislation that raised the exemption amount to the current $5.12 million limit is set to expire at the end of 2012. Congress basically has three options–extend the current exemption limit; create a new exemption limit; or do nothing. If Congress fails to act, the  exemption amount will go back to $1 million. Likewise, the current estate tax rate of 35 percent is historically low, but will also return to the rate of 39 – 55 percent unless Congress acts before the end of the year.
So what does all this mean to you? The average person will not be impacted at the current exemption limit; however, if the limit is reduced to $1 million, even a relatively modest estate could face estate taxes upon death. Talk to your estate planning attorney now so that you can make any necessary changes to your estate plan so you are prepared no matter what congress and the President may do.

  • Author
  • Recent Posts
Gerald M. Dorn, Estate Planning Attorney
Gerald M. Dorn, Estate Planning Attorney
Gerald Dorn is a shareholder and has been a partner at Anderson, Dorn & Rader, Ltd. Since 1998. Mr. Dorn has extensive experience serving wealthy families and business owners in the development of estate, tax and asset protection planning strategies. He made the decision to focus his practice in the area of estate planning after witnessing the personal grief and financial loss suffered by several of his clients as a result of poor planning. These experiences motivated him to dedicate his professional life to assisting his clients to preserve their life’s work for their heirs and to create a lasting legacy for those they love. Mr. Dorn is able to accomplish his mission through the use of a vast number of estate planning tools, both basic and advanced, for all of his clients at Anderson, Dorn & Rader, Ltd.
Gerald M. Dorn, Estate Planning Attorney
Latest posts by Gerald M. Dorn, Estate Planning Attorney (see all)
  • Getting Ready for 2021 - December 15, 2020
  • Myths We Tell Ourselves About Estate Planning - October 13, 2020
  • Living Trusts Streamline the Estate Administration Process - June 8, 2020

Filed Under: Probate Tagged With: estate tax 2013, estate tax changes

Primary Sidebar

Anderson, Dorn & Rader, Ltd

Blog Subscription

Free Estate Planning Worksheet

Follow Us

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Reno Office

Reno
500 Damonte Ranch Parkway
Suite 860,
Reno, NV 89521
United States (US)
Phone: (775) 823-9455

Reno Office Map

map

Reno Office Hours

Monday8:30 AM - 5:00 PM
Tuesday8:30 AM - 5:00 PM
Wednesday8:30 AM - 5:00 PM
Thursday8:30 AM - 5:00 PM
Friday8:30 AM - 5:00 PM

Minden Office

Minden
1692 County Road
Suite A,
Minden, NV 89423
United States (US)
Phone: 775-823-9455

Minden Office Map

map

Minden Office Hours

By Appointment Only, Call For Details

Footer

About the American Academy | Disclaimer | Privacy Policy | Site Map | Contact Us
Anderson, Dorn & Rader, Ltd
All Rights Reserved.

Attorney Advertisement
Anderson, Dorn & Rader, Ltd. Logo

© 2021 American Academy of Estate Planning Attorneys, Inc.

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
  • YouTube