Steve Akers, Associate Fiduciary Counsel of the Bessemer Trust, has written a FAQ on many of the questions surrounding the lapse of the estate and GST tax in 2010. Issues he addresses include:
- What happens to the estate tax and GST tax in 2010 (and then in 2011) if Congress does not pass something before December 31?
- Will Congress act before December 31 to avoid the one-year repeal of the estate and GST tax?
- What should clients do in the waning days of 2009 in light of this confusion?
Will the estate and GST tax be reenacted next year? - If the estate and GST tax is reinstituted next year, will it be retroactive to January 1, 2010?
- What planning steps should clients consider in early 2010, when there is the possibility of having no estate or GST tax system in place?
- Are there possible planning steps in early 2010 for trusts that are now subject to the GST tax if the estate and GST tax is repealed?
- If the estate and GST taxes are repealed, how will that impact clients' estate plans, and must clients then have their estate planning documents reviewed?
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Posted by Marc Patterson, Managing Associate Editor, Wealth Strategies Journal.
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