2010 Estate Tax Law

[marylandwoman]

What is the name of your state (only U.S. law)? Virginia

What is the current reading on estate tax for those who die in 2010?

 

[tranquility]

While there is talk of making changes retroactively, as of now, rich older relatives should probably closely watch the Thanksgiving meal preparation.

 

[anteater]

While there is talk of making changes retroactively, as of now, rich older relatives should probably closely watch the Thanksgiving meal preparation.

And don't plug in the Christmas tree lights.

 

[TrustUser]

gosh, even i laughed. who would have guessed - tq has a sense of humor - LOL.

 

[marylandwoman]

Sorry - I don't have your same sense of humor...

My Mom has just died and her executor is saying the fact she has died in 2010 may delay settling the estate -

Is this a valid excuse or is he just planning to stall for more billing time?

Thx

 

[Kiawah]

Sorry to hear of your loss.

I believe the issue is if an estate is settled now while no estate tax due, all monies paid out, and then law passed reinstating a higher tax rate, then there would be a huge problem paying the new retro estate taxes. If you stall in processing and wait on any legislation to be finalized, then they'll know for certain what taxes are due. Since you are dealing with a large estate, the tax $$'s due might be huge.

 

[anteater]

Sorry - I don't have your same sense of humor...

My Mom has just died and her executor is saying the fact she has died in 2010 may delay settling the estate -

Is this a valid excuse or is he just planning to stall for more billing time?

If you had put this information in your original post, I am certain that the responses would have been different. The estate tax situation is a joke and a disgrace. And a very general question like the one you originally posted brings out the dark humor.

Five or 6 months to settle an estate, especially a large one, is hardly an extended period. In fact, it is almost a minimum. I an surprised that the executor even raised the question of the estate tax as a reason for delay.

 

[tranquility]

No one with a large estate is settling now without buying insurance.