King, Krebs & Jurgens tax attorney Grant Coleman explains how recent tax changes affect anyone who has had a will written before 2010. The main concern is many wills have been written containing formula bequests that do not anticipate that there will be no estate tax at the time of the death of the testator. For example, a will may provide that the amount that can pass free of estate tax goes to one legatee with everything else going to another legatee (usually the surviving spouse, since bequests to surviving spouses were not subject to estate tax).
In this article, Coleman lays out what to do about your own will and estate plan and discusses basis increase planning opportunities for 2010.
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