subject: Carver County Estate Attorneys And The Estate Tax [print this page] For the past 10 years, estate tax attorneys knew the estate tax was set in law to be abolished in 2010. After 2010, Estate Attorneys were unsure what the Estate Tax would be. The rate depended upon how congress would abolish or modify the estate tax rates for 2011 and beyond. If, they allowed the tax cuts to expire, the 2011 estate tax would just revert to the 2000 version. Unfortunately, certain congressmen are considering retroactively imposing an estate tax for 2010 later in 2010. Your Minnesota Estate Attorney will be familiar with all the recent laws that will affect estates.
There is no estate tax and generation skipping (GST) tax in 2010 by law. Since estate, GST, and lifetime gift taxes generally tax value above an exemption amount, there is no 2010 estate tax, GST, and lifetime gift tax so there is no limit on the estate tax and GST. However, there is a limit of $1 million on gift taxes. The value of gifts beyond the $1 million exemption level is taxed at up to 35%.
If Congress fails to act, the 2011 estate tax, GST, and lifetime gift tax exemption levels will go to $1 million, $1 million (including lifetime gift), and $1 million respectively. The top rates of each of these are 55%. Various Congressmen are considering altering the 2010 estate tax laws late 2010 retroactively to Jan 1, 2010. Estate Tax is a highly complex legal matter. It is vital that you retain the services of an experienced Estate Attorney. Your Local Estate Attorney will have the knowledge and skill to fashion an appropriate Estate Plan. Your Local Carver County Estate Attorney will be able to assist you.
