Reply #14: Right. As of this year it's $2M per person, I think. [View All]

[Warren DeMontague]

But in 2011, as things stand, it'll go back down to $1M. Which is why Senator Boxer and others agree the exemption should be raised -from $1M- permanently. And although I'm not an expert, I think the estate tax rate is something like 50%, above the exemption. I'm not so sure that's a reasonable rate, particularly when you're talking about businesses and homes people might have to sell to pay the tax.

It's also worth bearing in mind, while I agree 100% about Gay marriage, that not everyone wants to or should need to get married. So claiming that the exemption is "really" 4M because everyone should be married to take advantage of it doesn't hold water. If someone wants to be single, should they be discriminated against when it comes to inheriting the family business or home?

But that said, I think raising the exemption permanently to 2 or 3 Million is probably the most fair, inflation and real estate values-wise, and I suspect that's probably what we'll end up with.