Our guests include Stephanie Kleinfelter, Esq., a partner with Keefer, Wood, Allen & Rahal in Lemoyne. Kleinfelter specializes in Elder Law, Estate Planning, Estate and Trust Administration, Business Succession Planning, and Charitable Organization Law. She recently wrote a piece for Harrisburg Magazine highlighting the issues surrounding the estate tax. Joining her is Lee Pelko, a certified financial planner at Rick Rodgers and Associates in Lancaster.

While the U.S. estate tax does not exist this year, Congress has talked about retroactively reinstating it to January 1, 2010. Even if lawmakers do not take that action, the estate tax will return on January 1, 2011 and at a rate that has not been in effect since 2002. If you think this issue only affects the wealthy, you would be incorrect. The exclusion threshold for application of the tax is $1 million. When you factor in all of a person's assets (houses, bank and brokerage accounts, cars, retirement accounts, life insurance, land) it is not unlikely for many Americans to exceed that threshold. And the tax rate for 2011 will be a whopping maximum of 55%.

With so much emphasis right not on bringing down the national deficit, it seems likely that lawmakers will allow the tax to come back at a pretty steep rate. Some tax professionals are betting they will settle on an exclusion threshold of $3.5 million with everything above that amount taxed at 45%.

This issue has enormous implications for charitable organizations, as well, that rely on estate gifts to keep them operating. Take heart, however. Our professionals will offer ideas on how to minimize the bite from the federal government and talk about Pennsylvania's inheritance tax law, too. Please join us Thursday night at 8 and call in your question or comment live at 1-800-729-7532, email us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it , or post a comment to www.facebook.com/witf.org.