Tax Year In Review 2010Tax Year In Review 2010
2010 was one of the most interesting years for estate-planning practitioners. In the first half of the year, we waited for Congress to pass a bill that would re-enact the estate and generation-skipping transfer (GST) taxes that lapsed on Dec. 31, 2009 (and that would return on Jan. 1, 2011). We heard of multimillionaires and billionaires dying and the legal battles their estates were gearing up to
January 1, 2011
David A. Handler
2010 was one of the most interesting years for estate-planning practitioners. In the first half of the year, we waited for Congress to pass a bill that would re-enact the estate and generation-skipping transfer (GST) taxes that lapsed on Dec. 31, 2009 (and that would return on Jan. 1, 2011). We heard of multimillionaires and billionaires dying and the legal battles their estates were gearing up to fight if Congress retroactively enacted the estate tax. With limited basis step-up, executors struggled with whether to sell appreciated assets to diversify investments, hoping the basis step-up would be reinstated.
Mid-summer, it looked like grantor retained annuity trusts (GRATs) with terms of less than 10 years would be outlaw...
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