Obama Administration Suggests an Estate Tax Election for 2010

In an interview aired on C-SPAN, Assistant Treasury Secretary for Tax Policy Michael Mundaca suggested that the Obama Administration was considering an election to apply the 2009 estate tax to 2010 decedents.  The election could allow estates valued under $3.5 million to avoid the estate tax while gaining a stepped up basis in assets beyond the $1.3 million exemption currently allowed.  Video of the interview can be found at http://www.c-spanvideo.org/program/295413-1.

Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.