Estate Tax Alert

The Federal estate tax and generation-skipping transfer tax were repealed effective January 1, 2010, and they are scheduled to return on January 1, 2011. In addition, and less publicized, the maximum federal gift tax rate was reduced from 45% to 35%, and the stepped-up basis at death rules were replaced with a modified carryover basis regime effective January 1, 2010.

Click on the link below to access the Estate Tax Alert that discusses these changes.