The Death (for the moment) of the Federal Estate Tax

November 24, 2010 | Roger McEowen

 

The Congress has failed in its attempts to extend the federal estate tax for deaths in 2010.   That means that the estate tax (and the generation-skipping transfer tax (GSTT)) does not exist for deaths in 2010.  Federal gift tax stays in place, but at a flat 35 percent rate and a maximum exclusion of $1 million. 

The expiration of the estate tax has significant implications for practitioners and their clients, and may provide some planning opportunities.

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