Congress Fails to Act to Prevent Temporary Estate and GST Tax Repeal

"As the law stands now, if Congress does not act before December 31, 2009, then on January 1, 2010, the federal estate tax and generation skipping transfer tax are repealed for one year. This means that there will be no federal estate tax on the estates of individuals who die in 2010, and there will be no generation skipping transfer tax on transfers made that year. There will still be a federal gift tax at a maximum rate of 35%, with each individual entitled to a $1,000,000 exemption from the gift tax. In addition, individual state laws regarding estate, gift and generation skipping transfer taxes will continue in effect." Read more>>