Senate Nears Deal on Estate Tax.
Negotiations call for the current exemption equivalent of $1.5 million going to more than $3 million after 2010.
Our firm does a lot of estate planning work, but nonetheless, I very much favor this change. It was part of my platform last summer. Getting the U.S. House of Representatives to go along will be a walk in the park. It has voted several times to completely repeal the federal estate tax (although it is best that this not be done; what the Senate is working toward is best because of something called carryover basis).