2010 Transfer Tax Update
Reporting Large Transfers at Death: For estates of decedents dying after December 31, 2009, and before January 1, 2011, the federal estate tax is repealed. Accordingly, no United States Estate (and Generation-Skipping Transfer) Tax Return (“Form 706”) will be required for estates of decedents dying during that period. Does this mean, then, that no information return is required to be filed with the IRS for the value of decedent’s estate? The answer is NO!