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No Federal Estate Tax in 2010… at least for now

By Kristina R Haymes

The U.S. Senate finished its work for the year without acting on the Bill the House passed that would have extended the 2009 federal estate tax — any estate over $3.5 million is taxed at 45%. However, with the Senate’s inaction, the Estate tax in 2010 will be zero.  Yet, as I have discussed previously, the Estate Tax disappearance is combined with a potential increase in Capital Gains taxes for inherited assets.  The disappearing Estate Tax is likely to be short lived, however, as Democrats are promising to reinstate the Estate Tax in 2010 and make it retroactive to January 1, 2010.  So before you encourage any of your wealthy relatives to wait until 2010 to die, see what happens in the Senate. Republicans are working to keep the exemption amount high – $3...continue to full post

Full post as published by Mediation Marketing Tips on December 28, 2009 (boomark / email).