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Federal Estate and Gift Taxes: On June 7, 2001, President George W. Bush signed the Economic Growth and Tax Relief Reconciliation Act of 2001. What does this mean to taxpayers? For most people, the estate tax repeal will be felt when government revenue must be raised from some other source - possibly including taxes on middle class citizens who wouldn't have paid estate taxes under the old rules. For the remaining people, the change in tax laws will mean they must spend more on lawyer's fees for changes to their estate plans - and may have to make more than one set of changes as the rules slowly shift over the next decade. What exactly will happen over upcoming years is difficult to predict exactly due to the four (4) elements of estate tax repeal. |
Gift Tax Exclusion: |