FPC News
Henry Goldstone, Financial Services Partner, states "as of January 1, there is no estate tax and no generation-skipping transfer tax, but there is carryover basis, the gift tax lifetime exemption is $1,000,000, and the gift tax rate has decreased to 35%. On January 1, 2011, the estate and GST tax returns and the estate, gift, and GST tax exemptions will be $1,000,000 and the maximum estate, gift and GST tax rates will be 55%, and the basis step-up returns, unless Congress changes the law. No one can predict what Congress will do, if anything, and whether any legislation will be retroactive to January 1, 2010".
For more information about Financial Planning Consultants, LLC, please contact a principal or Ann Wright at (408) 287-7911 or by email at awright@fpcllc.com
July 14, 2010
Double Dip? Don’t Think So
