Pretty amazing that for 9 years straight, all of the experts in the estate planning field have been saying and writing that Congress would never let the estate tax repeal really happen.
But we made it to Jan. 1 and now former President Bush can brag to his wealthy friends that he saved them a lot of money and saved their farms and small businesses, too. As long as they die in 2010, of course. Come 2011, those same friends of Mr. Bush might be cursing him – or least their children.
And, the experts were saying all along that Congress would never let “carryover basis” ever come into effect again. Apparently the accounting headaches created by the law over trying to figure out decedents’ original purchase prices is an even greater worry than the loss of revenue.
Here is another good overview on the topic for those obsessed with this issue like me:
Have a happy day off from work! (yesterday for those on the email lists)