Two Estates, Two Decisions

The 2010 Tax Act answered many questions that lingered in practitioners' minds throughout 2010. At the same time, the 2010 Tax Act presented a new question for practitioners: How do we advise executors of estates of 2010 decedents on whether to accept the default $5 million exclusion amount with a 35 percent tax rate or opt out of the estate tax and apply the modified carryover basis regime?

The 2010 Tax Act answered many questions that lingered in practitioners' minds throughout 2010. At the same time, the 2010 Tax Act presented a new question for practitioners: How do we advise executors of estates of 2010 decedents on whether to accept the default $5 million exclusion amount with a 35 percent tax rate or opt out of the estate tax and apply the modified carryover basis regime? When the gross estate is valued at under $5 million, the answer may often be simple — apply the defaul

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