Estate Planning and Administration Partner John Dadakis was quoted in an article in The New York Times titled, "Confusion Over the Dormant Estate Tax Keeps Advisers Busy."
The expiration of the estate tax this year has meant that the heirs of wealthy people who die this year will owe no taxes. But it is possible that next year will bring cases of the other extreme, when the amount exempt from the federal estate tax falls to $1 million, its 2001 level, from $3.5 million in 2009, and the rate rises to 55 percent, from 45 percent. If Congress fails to act again this year, the estate tax laws next year will revert to their levels before 2001, and that could snare a host of people who set up the estate plans on the assumption that there would be no tax when they died. “If Congress does nothing, there would be a sevenfold increase in the number of estates subject to the tax than if the exemption stayed at $3.5 million,” Mr. Dadakis said.
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