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This page contains a single entry by Associate Editor published on December 21, 2009 3:31 PM.

Bessemer Trust to Host Estate Planning Conference Call - Jan 6 at 1pm EST. was the previous entry in this blog.

Steve Akers: Summary of Petter v. Commissioner, T.C. Memo 2009-820 is the next entry in this blog.

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Steve Akers: FAQ on the Repeal of the Estate Tax

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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there possible planning steps in early 2010 for trusts that are now subject to the GST tax if the estate and GST tax is repealed?
  • If the estate and GST taxes are repealed, how will that impact clients' estate plans, and must clients then have their estate planning documents reviewed?

Please click here for the full article.

Posted by Marc Patterson, Managing Associate Editor, Wealth Strategies Journal.



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