Legal Question in Tax Law in New Mexico
changes in Federal Estate Taxes
What changes were made in the estate tax law in 1997 that are effective now as to deductions, exemptions, allowances, etc.? For instance , I understand that a family-owned business now has a deduction in excess of $1 million.
Asked on 1/02/98, 6:09 pm
2 Answers from Attorneys
WILLIAM BRANDWEIN
WILLIAM A. BRANDWEIN, A PROFESSIONAL LAW CORP.
estate exemptions
The lifetime unified exemption is 625000 for 1998 and increases until it reaches 1,000000. The small business exemption is now 1,300,000 but this is combined with lifetime exemption. This means that when the lifetime exemption is 1,000000 the small business exemption woukd be worth only 300,000
Answered on 1/10/98, 1:04 am
The answer you got was oversimplified.
Please email me directly for a fuller answer.
Answered on 1/24/98, 2:20 am
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