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Unexpected Repeal of Federal Estate Tax
by Timothy P. O'Sullivan
Foulston Siefkin LLP - Wichita Office
Stewart T. Weaver
Foulston Siefkin LLP - Wichita Office
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February 17, 2010
Previously published on January 28, 2010
As you may well have heard in the media, effective January 1, 2010, the federal estate tax was repealed for a one year period. This repeal was pursuant to a "sunset provision" under the provisions of a tax law enacted in 2001. Such one year repeal also includes the federal generationskipping transfer tax. This was a totally unexpected event. The vast majority of estate planners and political pundits had fully expected Congress would act to extend the federal estate tax beyond December 31, 2009, at an applicable exclusion amount at least equal to the $3.5 million amount that was in effect in 2009.
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