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The Year That The Estate Tax Vanished

Congressional dithering causes complications for lawyers, clients

, The Connecticut Law Tribune

It's a complex time to die. Congress surprised most lawyers when it simply allowed the federal estate tax to disappear at the end of last year. How did this happen? A tax-cutting plan endorsed by then-President George W. Bush was phased in beginning in 2001. That year, the value of an estate had to top $1 million before any federal taxes kicked in. By last year, the threshold rose to $3.5 million.

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