Estate tax reform in 2010 was marked by significant disagreement from both the House and Senate on whether any changes should be temporary or permanent.
The Bush tax cuts finally proved too important to ignore, and on December 17, 2010, President Obama signed into law The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRUIRJCA). Despite left-wing criticism, liberals in Congress could not muster enough opposition to put the brakes on this groundbreaking legislation. While there is a lot of time to figure out ways to implement the new estate tax rules, Wealth Managers have to be ready to answer the myriad questions that will be coming at them in 2011.
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