2010 No Estate Taxes
We are approaching the end of 2009. Is Congress so bogged down in Health Care Reform that they are going to allow Estate Taxes to lapse?
Thank you.
We are approaching the end of 2009. Is Congress so bogged down in Health Care Reform that they are going to allow Estate Taxes to lapse?
Thank you.
Permalink Submitted by mk foss on Mon, 2009-10-19 02:45
Some bills have been introduced but there’s been no progress.
The latest I’ve heard is that Congress may do a late 2009 “patch” to adopt the 2009 exemption and rates for 2010 and put off a longer term fix.
Permalink Submitted by Alan Spross on Mon, 2009-10-19 04:03
I agree. That appears to be the way this is headed, with the “extension” not getting done till mid December. Let’s hope this does not go the way of the AMT with patches done every year. People need to be able to set up their estate plan without worrying about changes every year. This issue should be dealt with only about once every 25 years. Unfortuneately, even if the federal law is settled by next year, the states will continue to decouple from the federal and establish lower unified credits driven by massive state budget problems.
I can imagine a list of states best suited for:
1) Career earnings
2) Retirement Cost of Living
3) Final year of life