Uncertain times for estate planners: What changes loom for 2009?
July 10th, 2009
Several possible changes that may occur in the very near future pose great uncertainty for estate planners. The biggest uncertainty revolves around the estate tax. The Economic Growth and Tax Relief Reconciliation Act of 2001 (“EGTRRA”) presently provides for a $3.5 million exemption from the estate tax, a gift tax exclusion amount of $1 million, and a flat tax rate of 45 percent. Additionally, the federal credit for state estate taxes was repealed, leading to state estate tax over and above the federal tax in several states...