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Summarize Overview to
Client.....
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Although the words Estate
Tax Repeal are being repeated again and again...
in reality under the new law, the estate, gift and generation-skipping
(GST) taxes are gradually reduced as the Unified Credit increases up to the
year 2010 when estate taxes are repealed for 1 year only. There are no changes for 2001.
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Estate tax repeal has become
more complex and uncertain under this new legislation. as the Act contains
the ‘sunset provision’ that results in all of the Act’s provisions being
repealed as of December 31, 2010.
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As such, the estate, gift
and GST transfer provision in effect in 2001 will become the law once again
on Jan 1, 2011, unless Congress takes no further action.
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The year 2010 introduces
‘modified carryover basis’ to replace the current ‘step up’ to fair market
value at a decedents death which we will talk about in more detail.
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