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Robert L. Mays, Jr.
8626 Tesoro Drive, Suite 820
San Antonio, Texas 78217
Phone: 210-657-7772
Email: mays7772@gmail.com
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Estate planning will be difficult until Congress makes a decision concerning estate taxes. The estate and generation-skipping transfer taxes were repealed beginning in 2010. For a death this year, your heirs will have to pay capital gains on appreciated assets. Unless the law changes, a death in 2011 or thereafter will have a $1.0 million exemption and estate tax rates of 55%. If your lifetime gifts, plus assets passed at death, are less than $1.0 million, you probably do not need to worry about this section -- that is until Congress decides to further change the tax code.
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