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The 2010 Tax Act: Time Is Running Out
- 2. 2010 TAX ACT COUNTDOWN THE CLOCK IS TICKING… The 2010 Tax Relief Act, which offers very beneficial treatment of gifts, generation-skipping transfers and estates, is set to expire at year-end. Wills & Estate Planning Probate & Administration Tax Planning Business Succession Charitable Gifts
- 3. 2010 TAX ACT COUNTDOWN EXCLUSIONS WILL DROP SHARPLY • Lifetime Gift Tax and Estate Tax exclusions from $5.12 million to $1 million each. • Generation Skipping Transfer (GST) Tax from $5.12 million to approx. $1.3 million. Wills & Estate Planning Probate & Administration Tax Planning Business Succession Charitable Gifts
- 4. 2010 TAX ACT COUNTDOWN TAX RATES ARE INCREASING Gift tax rates, when payable, are currently at 35%. In 2013, the rates will rise to a marginal rate of 55% for estates of more than $3M and a flat 60% rate for estates above $10M. Wills & Estate Planning Probate & Administration Tax Planning Business Succession Charitable Gifts
- 5. 2010 TAX ACT COUNTDOWN STEPS YOU CAN TAKE • Increase size and number of gifts • Use gifting techniques effectively • Seek professional advice for assistance Wills & Estate Planning Probate & Administration Tax Planning Business Succession Charitable Gifts
Notas do Editor
- Rates are 35% now but moving back to brackets with a top marginal rate of 55%. This is based on your exemptions. Old tax brackets started at 37% and hit 55% at 3MM ; with a 5% surcharge for those between $10MM and $21,040,000, producing an effective flat rate of 60%.