The uncertainty of death and taxes this year

FORT COLLINS – For 2010, the federal estate tax is currently
nonexistent, meaning no level of exemption or tax percentage will be
applied to an estate if the owner passes away before Dec. 31. But what
does this mean for year-end estate planning?

Both the estate and generation-skipping taxes are scheduled to revive on
Jan. 1, 2011, at the rates that applied 10 years earlier – the first $1
million will be exempt, and the tax on the rest will be 55 percent.
That means this year offers some unique benefits – and traps –…