More on Professor Pennell’s View of the Future of the Estate Tax
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Jeffrey Pennell, a professor at Emory Law School, was one of the featured speakers today at the Mid-South Forum ( meeting of estate planning attorneys) in Atlanta. In January I reported on his comments on the future of the estate tax at the Heckerling Estate Planning Institute in Orlando.
Professor Pennell believes that Congress will not act until late in 2009, and then will extend the $3.5 million estate tax exemption and reduce the rate to about 35%. He pointed out that for the country’s extremely wealthy families – the ones that can influence Congress – the rate is much more important than a difference of a million dollars or two in the exemption amount.
