Monday, September 6, 2010
117 Days and Counting
Only 117 days left until the Federal Estate Tax is scheduled to return on January 1, 2010. The unified credit exemption amount for estates and gifts will again be $1 million total, with a top tax rate of 55%.
Given that the top tax rate for taxable gifts in 2010 is 35%, making taxable gifts in 2010 might make sense if congress does not act by year's end. However, you should check with your attorney or tax adviser before taking any action.
Given that the top tax rate for taxable gifts in 2010 is 35%, making taxable gifts in 2010 might make sense if congress does not act by year's end. However, you should check with your attorney or tax adviser before taking any action.
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