09.21.2009 Recent Wealth Transfer Tax Changes
09.21.2009This Estate Planning Alert is Part 1 in a series. Click here to read Part 2: Potential Estate and Gift Tax Legislative Changes.
You may recall that in 2001, Congress enacted legislation that gradually increased the estate tax exemption amount from $675,000 in 2001 to $3.5 million in 2009. In 2010, the estate tax is repealed in its entirety and the estate of any person dying in 2010 will pay $0 federal estate tax. However, because the 2001 legislation lacked the vote of 60 senators, the legislation “sunsets” in 2011 and the law reverts back to the law that existed in 2001, which would produce a $1 million exemption.
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