The 2010 Tax Act was enacted effective December 17, 2010. Although the scope of the Tax Act is extensive, this article addresses the impact of certain limited portions of the Act on estate planning. Key features of the Tax Act include: The estate tax, which was repealed in 2010, has now been reinstated, effective as …Read More
Category: Tax Planning | Compliance
Estate Tax “Repeal” 2010
In a 2009 Impact article on estate planning developments, we stated: “As of January 1, 2009, an estate valued up to $3,500,000 is exempt from federal estate tax. Current law provides that the federal estate tax will be repealed in 2010 and be reinstated in 2011 with a $1,000,000 exemption and a higher tax rate. …Read More