I remember writing a column about the Economic Growth and Tax Reconciliation Act passed by Congress in June 2001. I was intrigued by its plan for the estate tax, which called for a gradually decreasing tax rate on anything over a gradually increasing exemption. The unique feature of the law was 2010, when the estate tax would be completely repealed, only to be reinstated to 2001 levels the next year. That meant that while there would be no tax on any inheritance on Dec. 31, 2010, there would be a 55 percent tax on any inheritance . . .
This content is only accessible to members with a current subscription. If you are a subscriber but don't have online access, please contact us at 952-835-2275.