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The 2010 Landscape for FiduciariesThe 2010 Landscape for Fiduciaries
Since Jan. 1, 2010, trustees and personal representatives have faced a new transfer tax landscape one filled with questions but very few answers. For this one year, the estate and generation skipping transfer (GST) taxes have been eliminated and a modified carry-over basis regime has begun. During this year, fiduciaries are confronting an array of new issues never encountered before. Complicating
Gail E. Cohen
Since Jan. 1, 2010, trustees and personal representatives have faced a new transfer tax landscape — one filled with questions but very few answers. For this one year, the estate and generation skipping transfer (GST) taxes have been eliminated and a modified carry-over basis regime has begun. During this year, fiduciaries are confronting an array of new issues never encountered before. Complicating the resolution of those issues are two unanswered questions: (1) Will Congress change that landscape with respect to the year 2010? and (2) If not, what impact will the scheduled sunset of the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) have on the decisions made this year?
In addition to eliminating estate and GST t...
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