Retroactive Estate Tax Not Certain

Jan 14

The Dow Jones Newswire quotes Rep. Charles Rangel, Chair of the House Ways and Means Committee, as saying that he does not favor retroactive estate tax legislation (to January 1, 2010). The same article quotes Rangel’s Senate counterpart, Sen. Max Baucus, Chairman of the Senate Finance Committee, as saying he wants retroactivity.  What’s an estate planner to do?  I’m advising my clients to plan for both sets of laws – estate tax and the modified carryover basis rules.

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