Beware of Estate Tax status in 2010


Beware of Estate Tax status in 2010

The federal estate tax is dead — at least for now. It’s 2010, and the temporary, one-year repeal of the federal estate tax is in effect.

The failure of Congress to either extend the 2009 estate tax rules into 2010, or to enact a permanent estate tax law has created several unfortunate consequences.

Here are some things you need to know to protect your family and your assets.

  • Both the federal estate tax and the federal generation-skipping transfer tax (a separate tax on property given to grandchildren, great-grandchildren, etc.) are repealed for 2010 unless Congress enacts legislation to reinstate them, retroactive to Jan. 1, or otherwise.

Read the full Daily Press column..

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