No doubt you’re aware that the estate tax has been repealed, solely for people dying in 2010. It’s less well known that repeal of the estate tax was accompanied by a change in the rules for adjusting the basis of inherited assets. For a description of the rules that apply when you inherit from someone who dies this year, see our new page on basis of property inherited from 2010 decedents.
Archive for the ‘Estate and Gift Tax’ Category
Basis Rules for 2010 Decedents
Thursday, August 5th, 2010Last Gasp for Short GRATs?
Tuesday, July 6th, 2010It appears that the grantor retained annuity trust, or GRAT, is about to lose much of its flexibility. Legislation to curtail the popular estate planning tool has been on the table for some time. Just days after the Senate removed GRAT provisions from the pending small business legislation, the House plugged it into a supplemental appropriations bill that provides funding for the troop surge in Afghanistan, among other measures. Assuming the bill is passed by the Senate, the measure would apply to transfers occurring after the date President Obama signs it into law. (more…)
Book Review: Estate Planning Smarts
Sunday, July 4th, 2010If I ever had thoughts of writing a book on estate planning, I abandoned them when I saw this book. Estate Planning Smarts: A Practical, User-Friendly, Action-Oriented Guide
Friday Wrapup
Friday, June 11th, 2010The most active piece of tax legislation right now bears the name American Jobs and Closing Tax Loopholes Act of 2010. Congress is working on other tax legislation as well, including tax breaks for small business and a permanent fix for the estate tax. Here’s where things stand. (more…)
Estate Tax Update
Wednesday, May 19th, 2010Remember the estate tax? We used to have an estate tax, way back in 2009. Depending on your political persuasion, you may know it better as the death tax. Strictly speaking it’s not a tax on deaths or on estates: it’s a tax on transfers of wealth at death to noncharitable beneficiaries other than a spouse. Whatever you like to call it, it’s currently in play. (more…)
