Greenville Estate Planner: “Twenty nine days until the inconceivable”
December 3, 2010
In 2009, it was inconceivable that in 2010 there would be no federal estate tax or generation skipping tax. Now with 29 days left in 2010, it is inconceivable that in 2011 there will be a resurrected federal estate tax with a one million dollar exemption level and a 55% top rate, and a generation skipping transfer tax exemption of approximately 1.3 million dollars with a 55% rate. The change over from 2010 to 2011 may usher in monumental changes in U.S. tax law. The Congress continues to debate. Will anything get done? Stay tuned. If your net worth is anywhere in the one million dollar range, you need to be paying attention over the next few weeks.