Changes in Tax Laws Means it’s Time to Review Your Estate Plan

more+
less-

Recent changes in the federal tax law, uncertainty in regards to the law beyond 2009, and the economically volatile times in which we live means it is more important than ever to review your estate plan.

A significant consideration in estate planning is the impact estate tax laws will have on your estate plan. The federal estate tax exemption (the amount that can pass free of estate tax) has increased significantly over the past ten years and continues to be in a state of flux. The federal exemption amount is currently $3.5 million per person, but it is scheduled to return to $1.0 million in 2011 (after a year of no estate tax in 2010). However, legislation has been introduced in Congress that would extend the $3.5 million exemption beyond 2009. Furthermore, the New York exemption amount is only $1.0 million and there is no indication that it will change any time in the near future. The gap of $2.5 million between the New York exemption amount and the federal exemption amount means that the difference between the two may be subject to New York State estate tax.

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


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.

© Green & Seifter, Attorneys, PLLC | Attorney Advertising

Written by:

more+
less-

Green & Seifter, Attorneys, PLLC on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×