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The Unsolved Estate Tax Problem

While the families of those who die during 2010 will not be required to pay estate taxes, they will be left with a potential capital gains tax on the assets inherited unless Congress takes steps to change the current law. This is due to the fact that the assets inherited, when sold, will not get the stepped up basis when determining the gain (value at the date of death), but will get the value at the time it was purchased. This could lead to some huge capital gains taxes that may very well exceed the estate tax liability that would have resulted had the family received the benefit of the stepped up basis. This Smartmoney article explains further the tax consequences for those who die in 2010. Read more

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