Update on the Federal Estate Tax Exemption

Congress failed to make permanent the 2009 estate tax exemption ($3.5 million per-person exemption and maximum tax rate of 45%). There is currently no tax on the estates of those dying during 2010, and the tax exemption will return to the $1,000,000 level in 2011 if Congress does not take action. Although Congress may reinstate the tax retroactively in 2010, this is by no means a certainty. Stay tuned.

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