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Thus far I have not commented significantly on the estate and generation skipping tax and modified carryover cost basis morass in which we find ourselves since Congress dropped the ball and failed to deal with the repeal and revival of the federal estate tax and the generation skipping transfer tax.

That is because I was hoping to wait until a knew at least a few things for sure that would not be retroactively made incorrect.

I am still waiting.

However, from the ACTEC listserv today I have the following from one of my heroes, Conrad Teitell, who is humerous, brilliant and bald! This is rumor only, and, no, he doesn't know more details--like whether it would be retroactive for our clients who pushed their estate planning tax reduction strategies to the point of actually dying during this period when, as far as we know, there is no federal estate tax!

Fellows,

From a Washington "source," I just learned: "There is a rumor going around that the Senate will approve a one-year extension of the federal estate tax at 2009 levels before the new senator from Mass is seated (while Dems still technically have a 60 vote majority)."

Cavet planner: The resuscitation of the estate tax like Mark Twain’s death could be greatly exaggerated.

Cheers,

Please read the important information relating to tax advice at the bottom of this web page.

Best regards,
Bob Wolf, Moderator

“Any tax advice in the foregoing message was not intended or written to be used, and cannot be used by any person for the purpose of avoiding tax penalties that may be imposed with respect to the matters addressed. Some of that advice may have been written to support the promotion or marketing of the transactions or matters addressed within the meaning of IRS Circular 230, in which case, be advised that the advice was written to support the promotion or marketing of the transaction(s) or matter(s) addressed, and you should seek advice based on your particular circumstances from an independent tax advisor.”