According to one of our Planned Giving Advisory Council members, Cape Girardeau attorney and Southeast Alumnus Kevin Spaeth, it appears now that there is a good chance Congress is going to do nothing with the estate tax laws this year and let the law expire on its own term, i.e. December 31, 2010. As Kevin told me today, “Up to this moment most educated guesses were that Congress will reinstate the law to January 1, 2010, and the estate tax exemption will be reset to 3.5 million per person (the ‘Credit Shelter’). It now appears that Congress is going to do nothing, let the current law expire and allow the Credit Shelter be reset to 1 million per person. Which means that those people dying this year will pay no estate tax, but consequently their heirs will loose the step up in basis and some new complicated rules for modified carryover basis will be applied that will make up a lot of the estate tax in capital gains tax that those same said heirs and potentially spouses will have to pay.” If Congress allows this law to expire on December 31, 2010, the estate tax will be back at a $1,000,000 per person exemption and the highest marginal tax rate will be 55%.
#1 by James Mayo on May 21, 2010 - 5:22 pm
I hope you are right. I have been preparing federal estate tax returns and doing estate planning since 1976. I represent a number of cattle and grape ranchers. With special use valuation and the installment payment of estate tax, I have never seen a ranch sold in order to pay estate taxes. In my view, estate tax is much more justified than income tax. Jim Mayo
#2 by James Mayo on May 21, 2010 - 5:26 pm
I also think the lower unified credit for estate tax will encourage more charitable gifts.
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