President Obama, in his State of Union address last month, suggested limiting estate tax deduction to private foundations. While Republicans are not enthusiastic toward many of the President Obama’s proposals, they might support the reduction of some estate tax deduction.
Federal estate tax charitable deduction is unlimited, unlike federal income tax charitable deduction that limits the portion of the deduction. Should amended, the federal estate tax charitable deduction will be limited to a portion of the estate.
For more see, An Estate Tax Increase With Bipartisan Support, Gerry Beyer, Will, Trust & Estate Professor Blog.
Posted by Jin Keol Park, Associate Editor, Wealth Strategies Journal