C Douglas Welty PC

Information may not be reliable

Welcome! My estate planning pages are updated regularly to correspond with estate, trust, probate, and tax law changes and new court decisions. They reflect revised estate and gift tax exemptions, deductions, and allowances for 2010 under the continuing provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 and subsequent changes in federal and Virginia tax law.
Death Tax Developments. Four years ago, during the summer of 2006, the most recent bid in the United States Senate to join the House of Representatives in permanently repealing the federal estate tax failed to pass. There were 57 votes (both Democrat and Republican) for repeal in 2006, three too few to overcome a filibuster, and the same number that voted to reduce (but not repeal) federal death taxes in August of that year.
In late 2009, the House of Representatives passed a bill that would have extended the federal estate tax indefinitely and retain the exemptions and rates in effect for calendar year 2009. However, the Senate did not act, so currently there is no federal death or generation-skipping transfer (GST) tax applicable to the estates of people who die (or, in the case of the GST tax, make large gifts to grandchildren) in 2010.
However, Federal death and GST taxes remain scheduled to snap back at 2001 rates, with only a $1 million per person lifetime exclusion, on January 1, 2011. And the federal gift tax regime remains in effect. As of November 2010, there is talk that Congress during its lame-duck session may extend the "no estate tax" regime for two years or more. But that outcome, or just about any other, can't be predicted with certainly.
Unfortunately, therefore, estate planning and death tax planning continue to be more complicated than both attorneys and clients would prefer.
A significant victory for Virginians: On our side of the Potomac, the 16% Virginia death tax has been eliminated, and is not levied upon the estates of people dying on or after July 1, 2007. Kudos is due to Virginians for Death Tax Repeal, among others.
Please browse this site to learn about Virginia estate planning, trust, probate, and wealth preservation strategies, then contact me by telephone, fax, email, or snail mail at my Arlington, Virginia offices.
C. Douglas Welty, P.C.

Arlington, Virginia 22201-3089
Phone 703-276-0114 (you'll reach voicemail after business hours, or if lines are busy)
Fax 703-522-9107