On January 8th the reputable New York Times featured an article of Paul Sullivan about the 2010 repeal of the federal estate tax (see the article here).
I have already discussed the issue within another blog entry (see here), but Mr. Sullivan's article provides some additional detail to the matter. The article especially sheds some light on the estate tax repeal's impact on capital gains tax. Mr. Sullivan is concerned that changed property evaluation standards could finally lead to some tax dues despite the repeal. If you think, that you inherit a property in 2010, which was held for a long time and increased in value over time, the article is well worth reading.
If you have further questions with regard to estate planning please contact our office at 1-800-303-2964. I am located at 1990 North California Blvd., Walnut Creek, California 94596. I have additional offices in Fairfield, Oakland, and Sacramento. I offer free initial consultations. For further reference see my website (www.rinnelaw.com).
