Private Wealth Services partner Andrew Gelman was quoted in the Chicago Daily Law Bulletin article "Expired federal estate tax creates uncertainty for lawyers, their clients" on January 5.
The article focuses on the potential ramifications and uncertainty brought about by the expiration of the federal estate tax. Unless Congress acts otherwise, the tax will disappear for one year, returning in 2011. Despite the absence of the estate tax, Mr. Gelman indicated that heirs could still be responsible for compensating the government, most notably on assets that have appreciated in value. He said the tax has been swapped for a capital gains tax, which is expected to create problems for some small business owners and the less wealthy. "The real message is that having no estate tax this year is a mixed blessing and it's mostly a detriment," Mr. Gelman said.