Copyright 2004 Michael V. Riley & Associates
UNDERSTANDING THE FEDERAL ESTATE AND GIFT TAX LAW
On May 26, 2001, the Congressional Joint Committee on Taxation issued its summary of the provisions contained in The Economic Growth and Tax Relief Reconciliation Act of 2001 (H.R. 1836). That act made significant changes to the Federal Estate and Gift Tax Law, including increasing the exemption equivalent amount on an indexed basis through the end of 2009 and the possible elimination of the tax. Prior to the December Congressional adjournment, it was believed that new legislation would be introduced with further modifications to the Federal Estate and Gift Tax Law. Unfortunately, no action was taken in 2009. For this reason, it would not be appropriate to make any assumptions regarding the status of the Federal Estate and Gift Tax law wihout consulting with a tax professional.
On May 26, 2001, the Congressional Joint Committee on Taxation issued its summary of the provisions contained in The Economic Growth and Tax Relief Reconciliation Act of 2001 (H.R. 1836). That act made significant changes to the Federal Estate and Gift Tax Law, including increasing the exemption equivalent amount on an indexed basis through the end of 2009 and the possible elimination of the tax. Prior to the December Congressional adjournment, it was believed that new legislation would be introduced with further modifications to the Federal Estate and Gift Tax Law. Unfortunately, no action was taken in 2009. For this reason, it would not be appropriate to make any assumptions regarding the status of the Federal Estate and Gift Tax law wihout consulting with a tax professional.