Press Room: Article
Navigating the Estate and Gift Tax Maze
The estate and gift tax law is generally a complex labyrinth, and with the arrival of the new year there is an added degree of uncertainty that makes it even more perplexing.
Under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the federal estate and generation skipping transfer taxes were repealed for one year starting January 1, 2010. The gift tax continues with a $1 million lifetime exemption and a top rate of 35%, which is down from the highest gift tax rate of 45% in effect in 2009. However, due to increasing budget deficits and the political dynamics of the current Congress, there is a good chance…