2010: The Year of No Estate Tax and Carryover Basis


The Federal estate tax and the income tax “step-up” in basis at death have been eliminated for persons dying in 2010. In addition, there is no generation-skipping transfer tax this year for gifts and bequests, although the gift tax remains in effect.

A review of your planning may be appropriate due to these changes, especially if

• You own property with an income tax basis much lower than its current value.

• Your estate planning documents divide assets among beneficiaries by using a tax-based formula that is predicated on the existence of a Federal estate tax.

• You continue to control low-income tax basis property which does not pass under the terms of your Will(e.g., you transferred property to a revocable trust).

• You appoint one or more of your beneficiaries as your executor.

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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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