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Thursday, April 08, 2010
United States: Issues (and opportunities) caused by the repeal of the Estate Tax
When the Economic Growth and Tax Relief and Reconciliation Act of 2001 ("EGTRRA"), was signed into law back in the summer of 2001, almost no one seriously thought that the law would ever be given its full effect – that is, the ultimate repeal of the federal estate and generation-skipping transfer taxes on January 1, 2010. However, through Congressional inaction for almost eight and a half years, the federal estate and generation-skipping transfer taxes are, indeed, no more . . . at least until January 1, 2011, when due to the "sunset" of EGTRRA they are scheduled to be reinstated with a mere $1 million exemption and a top rate of 55%. Notwithstanding repeal of the federal estate and generation-skipping transfer taxes, however, the federal gift tax remains in effect in 2010, with a $1 million exemption and a top rate of 35% (down from 45% in 2009). Furthermore, state level estate, gift and generation-skipping transfer taxes remain unchanged. Read more...posted by Charles Monat Associates at 11:37 AM
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