About the federal estate tax.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) repealed the federal estate tax and replaced it with a carryover basis regime that is effective on the estates of those who die after Dec. 31, 2009. EGTRRA also repealed the generation-skipping transfer tax--but not the gift tax for transfers made after Dec. 31, 2009. EGTRRA contains a sunset provision, which essentially returns the federal estate, gift, and generation-skipping transfer taxes to their pre-EGTRRA form beginning in 2011.
The uncertainty about how EGTRRA might be modified underscores the importance of working with clients to help ensure that their estate plans adequately address their needs, and those of their beneficiaries, under all possible scenarios.
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|Title Annotation:||2010 ESTATE PLANNING GUIDE|
|Publication:||Agent's Sales Journal|
|Date:||Oct 1, 2010|
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