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Breaking News--the latest regarding Estate Tax

Posted On 2/2/2010

On January 20, 2010, the Senate took the procedural steps for placing estate tax legislation (H.R. 4154, known as “the Permanent Estate Tax Relief for Families, Farmers and Small Businesses Bill of 2009,” which passed the House of Representatives by a vote of 225 to 200 on December 3, 2009) directly on the Senate calendar, bypassing the Senate Finance Committee. If passed in its current form, the bill would provide for a permanent $3.5 million estate tax and generation skipping tax exemption amount, a $1 million lifetime gift tax exemption amount, a 45% estate and gift tax rate, and a “step-up” in basis at death. Is this a sign that Congress will act soon to “fix” the estate tax? Given the track record of the forecasters thus far, it is perilous to predict whether and how Congress will act.

 
The uncertainty of the estate and generation skipping transfer taxes has created much turmoil. However, with turmoil comes many planning opportunities. In light of the repeal of the estate and generation skipping transfer taxes, all clients should have their estate plans reviewed to verify that their existing estate plan will achieve the result they intend. The Law Office of Falk, Cornell & Associates, LLP focuses on advanced estate planning, administration, and wealth distribution strategies. You can get more information about a review of your clients’ existing estate plans and our planning and administration services by calling our office at (650) 463-1550 or by visiting our website at www.falkandcornell.com
 

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