Morbid as it sounds, the best estate planning advice you might receive now is to die before the end of the year.
Alert: The federal estate tax law remains in flux. But with Congress seemingly unable to resolve the matter anytime soon, the current law repealing the estate tax for 2010 remains in effect. Therefore, if someone dies this year, his or her family will likely owe zero federal estate tax—no matter how many millions the person bequeaths. Classic example: It has been estimated that the heirs of George Steinbrenner, who died July 13, will save $500 million in estate tax.
What’s more, the estate tax is scheduled to come roaring back in 2011, with a reduced exemption amount and a higher top tax rate. It’s enough to give wealthy individuals some pause.
Of course, we’re being facetious. But you should examine how the estate tax law has arrived at this point and what you can do going forward.
Here’s the whole story: The “de...(register to read more)