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ARTICLE · 08 APRIL 2010

Estate Tax Repeal

Akerman Senterfitt
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For 10 years we told clients the exemptions for the estate tax and generation-skipping transfer (GST) tax would increase to $3.5 million in 2009, and then in 2010 – voila! –the estate and GST taxes would be repealed, even if for only one year.

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For 10 years we told clients the exemptions for the estate tax and generation-skipping transfer (GST) tax would increase to $3.5 million in 2009, and then in 2010 – voila! –the estate and GST taxes would be repealed, even if for only one year. We never thought Congress would let that happen so we always mentioned it with a little roll of the eyes.

Well, the unthinkable has happened. Congress could not agree on a compromise, so for 2010 only, the estate and GST taxes are not in effect, but the gift tax will continue with a $1 million lifetime exemption. It sounds great -no more death taxes- but proceed with caution. Members of Congress have already stated they intend to introduce legislation to retroactively reinstate the taxes as of January 1. If no new law is enacted in 2010, the estate and GST tax law reverts to a $1 million exemption and a 55% maximum rate in 2011.

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