In S8721, S. Amend.4753 amending H.R.4853, there is some good news with respect to the long in limbo future of federal estate and gift tax legislation for taxable years beginning after December 31, 2010. Further, it appears that the estate and gift tax amendments are likely to pass both houses of Congress this year, though nothing is certain in the current legislative environment.
Under the proposed legislation, the amount of a decedent’s taxable estate excludable from estate tax would be $5 million. For years beginning in 2012, the exclusion amount would be indexed for inflation. While the provisions of the proposed legislation will sunset with the entirety of the proposed tax package, this time as of December 31, 2012, the inflation index provisions as to these provisions may be an indication that there exists some consensus that the estate and gift tax components of the current tax bill may represent appropriate long-term policy.
Susan B. Tarley will be one of the presenters for Collections, Bankruptcies and Foreclosures, Oh My! sponsored by the Central Virginia Chapter of CAI. Join us on November 10, 2010. 11:30 a.m. registration. Noon presentation with lunch. Location: 3901 Westerre Parkway, Ste. 100, Richmond, VA. RSVP to attend to firstname.lastname@example.org. We’ll post an outline of the presentation.