• Congress Imposes More Taxes On Beneficiaries Of Estates! What Hath Congress Wrought?
  • January 22, 2010 | Authors: Maurice D. Lee; Robert H. Louis
  • Law Firm: Saul Ewing LLP - Philadelphia Office
  • After much political maneuvering and finger-pointing, the U.S. Congress did what nearly every estate planning professional had predicted (up until the middle of December) could not happen: it failed to amend the federal estate tax law before the end of the year. This means that the law enacted initially in 2001 will continue, resulting in the federal estate tax and the federal generation-skipping tax (GST) both disappearing for 2010. This crazy-quilt provides, however, that in 2011, the federal estate tax and the GST will spring to life again, but with higher rates and much lower exemptions: