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CONGRESSIONAL INACTION LEADS TO REPEAL OF FEDERAL ESTATE TAX

Effective December 31, 2009, the federal estate tax is repealed for decedents dying in 2010 and the generation skipping tax does not apply to transactions taking place in 2010. These taxes will be reinstated January 1, 2011, but the annual exclusion amount will be $1,000,000. The annual exclusion amount that was in effect on December 31, 2009 was $3,500,000. These changes are likely to affect many estate plans that were prepared between 2001 and 2009. Congress may pass a law to “repeal the repeal” retroactively, but it is impossible to predict when or if Congress will act and, if it does, what it will do. It is our recommendation that individuals meet with a qualified estate planning attorney to review their plans in light of these significant changes and revise the plans, if appropriate.

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This entry was posted on Tuesday, March 2nd, 2010 at 8:25 pm and is filed under Estate Planning, General Interest. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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