How Will You Handle the Estate Tax Repeal with Your Clients?
The common thought on the automatic repeal of the Federal Estate Tax this year was that it simply would not happen.
Experts predicted Congress would institute a one-year stop gap until 2011 that provided a $3.5 million exemption per person or a $7 million exemption per married couple. It’s not surprising that everyone assumed Congress would do something to keep the so-called “death tax” alive. After all, the government is in a record deficit and needs the cash.
But instead of acting on it, Congress did nothing and the tax automatically repealed for 2010. If Congress continues to sit idly by entangled in health care proposals, the estate tax will return for 2011 with a $1 million exemption before disappearing again.
Now what?
Continue reading for three common advisor approaches!
