There has been a lot of talk this year about the estate tax; particularly, about the one-year-only repeal of the tax that took effect for 2010. Uncertainty has prevailed all year on this topic, and not much has changed. The future of the estate tax rests in the hands of Congress. If Congress doesn’t do anything, then the tax will return starting January 1, 2011. When it comes back, the maximum … [Read more...] about What’s the Status of the Estate Tax?
Although the estate tax is currently in limbo, experts don’t expect the free pass to last long. When Congress failed to act in 2009, the estate tax effectively fell off the books as of January 1, 2010. That means that if a loved one dies this year, the estate will not be taxed. But unless Congress takes action, the estate tax is set to renew in 2011 with a much smaller exemption amount of $1 … [Read more...] about What is the Estate Tax?