Billionaires Dying, Obama Crying
The estate tax is a tax imposed on the transfer of assets from a deceased individual to their heirs.
As part of President Bush’s 2001 tax cuts, the estate tax was repealed for 2010, though it will be back in 2011 with higher rates and reduced exemptions. While Democrats promised to close the 2010 gap when they took control of Congress, they failed to reach an agreement. This means that the estate of anyone who dies in 2010 will pass completely untaxed to their heirs.
Unfortunately, this is not the end of the problems created by this new law. Many wills and trusts may need to be redone to produce the desired results under the new law .
Rather than decrease the need for estate planning, as we all hoped, this legislation places a premium on careful planning, particularly for medium and larger sized estates.
Join me and David Pilcher, ESQ with Bailey,Zobel, Pilcher as we provide you some basic facts about the estate tax in 2010 and what you should be doing today. You can contact David Pilcher, ESQ by calling him at 407-622-1900.
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