FEDERAL UNIFIED CREDIT

IS

$ 5,340,000 FOR NOW.


NEW YORK STATE UNIFIED CREDIT IS $1,000,000 FOR NOW.

GREAT CAUTION IS ADVISED!!!

 

 

 

The Unified Credit is a credit against Federal Estate Taxes. The exemption equivalent is the amount of assets you can own without paying estate tax because of the application of the credit against your tax.

Effective January 1, 2014, the Unified Credit for Federal Estate Tax purposes was set at $5,340,000                           

Please don't get too excited! :)

Remember, that there is a huge deficit, health care to pay for and looming homeland security and military expenditures.

This all means that there may be a change to this law prior to your passing and Congress could revert back to previous law and lower the Unified Credit, just in case it decided to use the extra revenue to fund say, Social Security, Medicare, Medicare Part D, Obamacare and Medicaid which are all are in serious financial trouble. Congress has shown an inability to stop spending money. Its just easier to print it and borrow it. We are currently borrowing 41% of every dollar we spend and printing about $85,000,000,000 a month in new money. That can't go on indefinitely. 

The deficit is literally exploding. 

In my opinion, conservative planners should not plan on a $5,000,000 Unified Credit to be the law indefinitely, because it is highly unlikely that the current law will stay in place as it exists today. Those who plan on the current law staying in place with its $5,000,000 Unified Credit, may be, in my opinion, in store for a very rude awakening if and when the law changes and reverts back to a Unified Credit lower than $5,000,000. I don't have a crystal ball, but I am advising my clients to be conservative and not count on the $5,340,000 unified credit being in place at the time of their death. Better safe than very very sorry.

Dick
D. Victor Pellegrino


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Last Updated: February 25th, 2014

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