Repeal of the Federal Estate and generation-skipping transfer taxes

The Estate Planning and Tax Group is currently providing fiduciaries of trusts and estates of decedents that died in 2010 with advice in connection with the unusual issues arising from the current repeal of the federal estate and generation-skipping transfer taxes.  These issues include the interpretation of dispositive provisions of wills and trusts that use tax-planning formulas, the determination of  the historical tax basis of the decdedent’s property, and the possible allocation of basis adjustments permitted only for deaths occurring this year, as well as the possible retroactive reinstatement of the estate and generation-skipping transfer taxes.