Important Tax Alert

more+
less-

As of December 31, 2009, Congress had not acted to forestall the total repeal of the federal estate tax for 2010. Congressional leadership has indicated that legislation will be introduced that will reinstate the tax retroactively to January 1, 2010; however, even assuming such legislation is passed, the effectiveness of retroactive application is uncertain. Therefore, it is possible that there would in fact be no estate tax for persons dying in 2010. Unfortunately, the current status quo could have significant unintended consequences for certain clients. If you are married and your estate plan contemplates division of assets at your death for the benefit of your spouse and/or children, you should immediately consult experienced legal counsel for a review of your estate planning documents. While most clients will not need to alter their estate plans, a timely review of the specific document language can avoid unintended results for your spouse and heirs.

Please see alert below.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Administrative Agency Updates, Commercial Real Estate Updates, Residential Real Estate Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© McNees Wallace & Nurick LLC | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »