Estate Taxes for 2010
It is 5:20 PM..EST..on December 17! Is Congress really going to allow the regulations for Estate Taxes to lapse?
What would be the consequences if someone died on January 1st, and Congress were to reinstate the Estate Taxes on January 4th., for example? Just wondering….
Thank you.
Permalink Submitted by Janine Janine on Fri, 2009-12-18 17:12
Today’s NY Times has an article on the likely demise of Estate Taxes for 2010, at least for 2010. It mentions the possibility of enacting something in 2010 and making it retroactive to January 1st!!!!
Estate Tax Is Expiring, but Death Won’t Last
By CARL HULSE
With lawmakers unable to agree on a year-end fix for a quirk in the Bush-era tax cuts, the federal estate tax is set to be repealed for one year as of Jan. 1.
http://www.nytimes.com/2009/12/18/us/politics/18cong.html?th&emc=th
Permalink Submitted by Alan Spross on Fri, 2009-12-18 18:06
Another billboard issue for total dysfunction in Washington. If they pass a retroactive provision, expect even more chaos. Last minute legislation gives way to retroactive legislation, even for an issue that should only be changed once in a generation and far in advance.
Permalink Submitted by Bruce Steiner on Fri, 2009-12-18 20:23
The real issue is if you check out in 2010 hoping to take advantage of the suspension of the estate tax and it’s reinstated retroactively, can you come back to life again?
Permalink Submitted by Janine Janine on Sat, 2009-12-19 00:54
Touché !!!!