The "Unreal Repeal": A Closer Look at the 2001 Estate Tax Law
- Topics:
- Tax Incentives
- Source:
- Genus Resources
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Overview: While the proponents of the 2001 estate tax "repeal" touted the tax bill as great tax relief for those impacted by estate taxes, the reality of the new law falls short of that claim. The extreme complexity and temporary nature of the estate tax "repeal" along with the ongoing advisor consultations seemingly required annually to keep up with the ever changing face of the laws provisions, greatly reduce any relief provided by this new tax law signed by President Bush early this summer. The changes are part of the massive Economic Growth and Tax Relief Reconciliation Act of 2001 signed by President Bush on June 7th. The bill contains some less obvious traps that can cost the heirs dearly if one does not take appropriate steps to avoid them. Fluctuating timing provisions further complicate the bill — some changes are retroactive, some immediate, and still others do not take effect for five or 10 years. Perhaps the biggest planning problem with the new bill is that it "sunsets" in 2011. This means that in 2011, the estate tax laws will revert back to the 2001 levels.
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Format: HTML | Date: Jan 2003 | Pages: 1
