Wednesday, June 16, 2010

Confusion over estate tax keeps advisers busy

The disappearance of the federal estate tax this year has created confusion and frustration among the wealthy, even among those who stand to benefit from it. And this has sent them in droves to amend documents that they may have to change again next year.

While there were rumblings at the beginning of the year that Congress might reinstate the estate tax and make it retroactive to Jan. 1, it has made no progress on the issue. The death of Dan Duncan (with an estimated net worth of $9 billion, makes a retroactive tax unlikely. As one commentator has stated “Now we’re way beyond that consideration. This single family could outspend the I.R.S. in litigating this.”

Posted via web from The Modern Planner

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