As we inch closer and closer to the end of the year, estate-planning professionals are keeping a close eye on what action Congress is taking (or not taking) to settle the 2011 estate tax. Once we know for sure, Trusts & Estates will provide you with complete, in-depth coverage. In the meantime, check out “Countdown to 2011 Estate Tax Law” to get the most recent information, educated guesses and advice from our panel of experts.
The Plain Writing Act (H.R. 946), recently signed by President Obama, requires the IRS and other federal agencies (but not Congress) to use language "that the public can understand." Although Congress left Washington without dealing with income, dividend and capital gains tax rates (not to mention the estate tax), it wants you to understand how you will be plucked.
-Conrad Teitell, Chair
National Charitable Planning Group
Cummings & Lockwood
When clients ask whether there are any estate tax developments, I quote David Brinkley: "If you turn on your TV and see nothing is happening, do not call a serviceman; you have tuned in the U.S. Senate."
-Conrad Teitell, Chair
National Charitable Planning Group
Cummings & Lockwood
Political races seem to be tightening up. More gridlock as both sides think they can win in 2012.
-Turney P. Berry
Partner, Louisville Office
Wyatt, Tarrant & Combs, LLP
So, it’s October 20, 2010 and we still don’t know what our income or estate tax situation will be in 2011. Depending on what happens in the elections, it is possible that we will have a new Senate Majority Leader and a new Speaker of the House. Not exactly a recipe for consensus. Stay tuned.
-Bernard A. Krooks, Esq.
founding partner
Littman Krooks LLP
If higher taxes are enacted on the tail of renewed quantitative easing initiatives, the markets will be hit with policies at cross purposes.
-Liz Miller
CFA & CFP