2010 News

Client Advisory – Repeal of the Federal Estate Tax

As many of you have likely heard, the federal estate and generation-skipping transfer (“GST”) taxes have been repealed as of January 1, 2010. The repeal is the result of legislation passed in 2001, which provided for a gradual increase in the exemption amount to a maximum of $3.5 million in 2009 and culminating in the complete elimination of the estate and GST taxes for 2010. While it was widely expected that Congress would take action before the end of 2009 to resolve the fate of the estate tax, it failed to do so. read more