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Estate Administration and Probate
Update on the Status of Federal Estate Tax
Houston gas pipeline mogul Dan Duncan was the 74th richest person in the world when he died on March 28. If he’d passed away three months earlier or ten months later, his $9 billion estate could have generated up to $4 billion for the IRS. But because there’s no federal estate tax this year, the government gets nothing.
As the first billionaire to die in this year without an estate tax, Duncan presents a tempting opportunity for a revenue-strapped Congress to follow through on threats to reinstate the tax for 2010 and possibly even make it retroactive to the beginning of the year.
However, probate gurus say the sheer amount of money on the table makes a retroactive tax more unlikely. Big estates mean big lawyers ready to fight to see those billions of dollars go to the deceased’s heirs, and the headaches could go on for years.
“Unless Congress acts this year, the federal estate tax will be reinstated on January 1, 2011, with a $1 million exclusion amount and a maximum 55% estate tax rate,” says attorney Barbara Bellin Janovitz, estate planning practice chair at Reminger Co., LPA. For people trying to plan ahead and allocate their assets wisely, this uncertainty can be frustrating and potentially very expensive.
Contact us for a FREE consultation to create or evaluate your Estate Plan, and see how the status of the Federal Estate Tax affects you.
If you have any questions or would like a free consultation call us toll free at 1 800 879 0984 or send us a message through our website by clicking here and we'll be certain to respond.
Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 200
Wexford, PA 15090
Phone: (724) 934-5044
Toll Free: (800) 879-0984
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Elder Law Offices of Shields and Boris
109 VIP Drive
Suite 102
Wexford, PA 15090
Phone: (724) 934-5044
Toll Free: (800) 879-0984
Get Directions
