Repeal of the Estate Tax - What You Need to Know for 2010

The estate tax for 2010 has currently been eliminated, but is anticipated to be restored in 2011, with significant increases when compared to pre-2010 levels. However, the elimination of the estate tax in 2010 has come with a price, the most significant of which is the loss of the ability to "step-up" the basis of property inherited during this year.

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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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