Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 13 JULY 2010

Estate Planning Update - July 2010

Day Pitney LLP
Explore more from Day Pitney LLP

At the time of our last newsletter in December 2009, the House of Representatives had passed legislation extending the 2009 estate tax exemptions and rates for another year, and we were hopeful that this would be addressed by the Senate shortly thereafter.

United StatesTax
Day Pitney LLP
Day Pitney LLP
Author LinkedIn connections

FEDERAL ESTATE TAX UPDATE

At the time of our last newsletter in December 2009, the House of Representatives had passed legislation extending the 2009 estate tax exemptions and rates for another year, and we were hopeful that this would be addressed by the Senate shortly thereafter. Six months later, we are still waiting for congressional action. There is currently no federal estate or generation-skipping transfer (GST) tax. In the absence of congressional action, both taxes are scheduled to be reinstated in 2011, with a $1,000,000 estate tax exemption and GST tax exemption of about $1,340,000.

Efforts at a congressional resolution continue, including the possibility of retroactively extending the 2009 rate and exemptions through 2011 to allow Congress more time to address the issue without election year pressures. Recent reports suggest that no action will be taken until after mid-term elections in November. Our sense continues to be that even if repeal were to

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

GENIUS Act Crypto Tax Guide 2025-2026: What US Investors, Businesses, And Taxpayers Need To Know About The New Stablecoin Law, Form 1099-DA, And Digital Asset Regulation

The United States cryptocurrency regulatory landscape has undergone its most dramatic transformation in history. The signing of the GENIUS Act into law on July 18, 2025 — the first comprehensive federal crypto statute ever enacted — marks a before-and-after moment for American digital asset law.
United StatesTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

A 5% Wealth Tax? Preparing Clients For California's Billionaire Tax Act

California's proposed Billionaire Tax Act would impose a onetime 5% excise tax on individuals and trusts with assets exceeding $1 billion, creating unprecedented challenges for estate planners. The retroactive application and anti-abuse provisions raise critical questions about the treatment of grantor trusts, non-grantor trusts, and beneficiary interests that deviate significantly from established federal wealth transfer tax principles.
United StatesTax
Withers LLP
Withers LLP
Article

IRS Proposes New Racial Nondiscrimination Regulations For Tax-exempt Private Schools

The US Treasury and IRS have proposed regulations that would eliminate longstanding exceptions allowing tax-exempt private schools to maintain race-conscious admissions and scholarship policies. Following the Supreme Court's decision in Students for Fair Admissions v. Harvard, these rules would apply to all private educational institutions, including K-12 schools not directly affected by that ruling, and could result in loss of tax-exempt status for noncompliance.
United StatesTax
McDermott Will & Schulte
McDermott Will & Schulte
Article

Proposed IRS And Treasury Rules Tie Racial Nondiscrimination To Tax-Exempt Status For Private Schools And Universities

On September 3, 2026, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations under Section 501(c)(3) that could materially affect private education in the United States. The proposal would apply a broad nondiscrimination standard based on race, color and national or ethnic origin, with significant implications for private schools, colleges and universities seeking or maintaining tax-exempt status under Section 501(c)(3).
United StatesTax
Buchanan Ingersoll & Rooney
Buchanan Ingersoll & Rooney