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2010 - Estate Tax is Unfixed

Posted by William C. Prewitt, M.S. CFP on 8 February 2010 | 0 Comments

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Congress in its wisdom, radically altered the estate tax at the dawning of the new millennium.  Far into the future, the tax would be repealed in the year 2010 with zero estate taxes. Many believed congress would enact new legislation long before the 2010 repeal.  But alas, the year has turned, and the law still stands.  For the first time since 1916, Americans can contemplate dying without facing an estate tax.  But the story doesn't end there; in 2011, the law will sunset to the 2001 estate tax levels. 

What does this mean to you?  2010 offers great uncertainty about the future of estate taxes.  Will Congress act and retroactively reinstate taxes for 2010?  Will the exemption for 2011 reset to $1,000,000.    The New York Times explores some of the ramifications of the present uncertainty:  A Bizarre Year for the Estate Tax will Require Extra Planning.


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