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Matrimonial Issues and Estate Tax Repeal
Congress left the estate tax law in a state of complete confusion at the end of 2009. Even if the bigger question of whether we will have an estate tax is resolved by the time you read this article, many issues that affect matrimonial practitioners, not just estate planners, will still remain unresolved. However the estate tax repeal situation resolves itself, for the future, practitioners who negotiate matrimonial settlements and draft matrimonial documents should endeavor to address the lessons learned from these events.
Estate Tax Repeal: Is It Real?
The estate tax was repealed at the end of 2009. Tax experts expected Congress to continue the $3.5 million exclusion (how much you can bequeath without incurring a federal estate tax) and 45% rate from 2009 into 2010 while debating the future of the tax. In 2011 the exclusion drops to $1 million and the tax rate increases to 55% unless Congress acts. Tax advisers expect Congress to reinstate the estate tax in a manner similar to 2009 rules (it is uncertain if this will be retroactive, but as we get later into tax year 2010 retroactivity seems more unreasonable and more unlikely), and to eliminate the draconian rules that would otherwise come into effect in 2011. But, since all the experts were wrong on what happened once, practitioners have to plan flexibly and cautiously. Even if these uncertainties are resolved, important lessons remain for practitioners from the estate tax repeal situation, and issues will remain to be resolved for some time to come.
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