Many of the current income tax rates were enacted as part of comprehensive tax legislation enacted in 2001. This legislation is scheduled to expire at the end of 2010 and it is uncertain what path the new Congress will take in January 2011. However, if Congress does not act, individual income tax rates will rise in 2011, returning to the rates applicable in 2001. As with the gift planning opportunities identified in the next section below, the strong potential for an increase in individual income tax rates in 2011 creates incentives for 2010 year-end tax planning strategies.
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Tax Law Updates, Wills, Trusts, & Estate Planning Updates
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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