In "Estate Tax Revisions Leave Some Issues Unsettled Until 2013", Jerry Gleeson writes on tax legislation from late 2010. Lawmakers enacted a 35% maximum tax rate and a $5 million estate tax exemption for 2011. Executors of estates of 2010 deaths can pay no estate tax and forfeit the step up in basis or take the $5 million exemption and 35% rate. Generation-skipping, estate, and gift tax are unified under the revisions, at $5 million exemption and 35% rate. The new law in 2013 will set a $1 million exemption and a 55% rate unless congress interferes. The IRS has released neither the form giving executors the choice between estate tax regimes nor the one explaining the different options.
Posted by Michael Nissenbaum, Associate Editor, Wealth Strategies Journal
Posted by Michael Nissenbaum, Associate Editor, Wealth Strategies Journal
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