Historical fiction?

[javasaurus]

From a conversation at work, the following questions:

What is the difference between "historical fiction" and fiction with a historical setting? And how far back in time do you need to go to be "historical" in this sense? Could fiction written with a modern setting be considered historical fiction in the future?

Comments

[wilhelmina-d.livejournal.com]

So I was going to go in to all the literary definitions, but your post really hit the nail on the head.