Article in Summary:
- The Estate and Generation-Skipping Taxes are repealed for 2010.
- The Gift Tax Exemption stays at $1 million, but the gift tax rate moves down from 45% to the highest income tax rate.
- The previous step up in basis for noncash assets to the fair market value on the date of death is replaced with a system that utilizes carryover basis.
Three! Two! One! Flat-line!!! While greedy beneficiaries of wealthy estates bring in the New Year by pulling the plug on their relatives, the rest of us are scratching our heads trying to understand if the changes ushered …Read More