The Washington Estate Planning Blog

Law Offices of David Ravi Sitlani: Helping couples, families, and individuals understand the ins and outs of estate planning in Washington State.

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    Law Offices of David Ravi Sitlani, PLLC

    Seattle Office:
    1001 Fourth Avenue
    Suite 3200
    Seattle, WA 98154

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    Redmond, WA 98052

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The Death of the Estate Tax in 2010?

Posted by sitlanilaw on October 23, 2009

Below is a link for an interesting article explaining what will happen if Congress does not address the Estate Tax.  In summary the federal estate tax credit is currently $3.5 million per individual and thus $7 million for a married couple.  However, this credit, along with the federal estate tax, expires at the end of 2009.  But along with the estate tax something else goes away – the step-up in basis of assets!  This means that while no federal estate taxes would be due upon the death of an individual, an heir to an estate may owe taxes when they sell assets they received as part of their inheritance. Take a look at this article if interested in learning more…

http://online.wsj.com/article/SB10001424052748704224004574489581033118194.html

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The above information is not intended to provide the reader with any legal advice.  Please contact an attorney licensed to practice in your state with any legal questions. Using this blog does not create an attorney client relationship between you and The Law Offices of David Ravi Sitlani.

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