Friday, October 23, 2009 Press Coverage of Estate Planning This Week (October 23, 2009)Laura Saunders of the Wall Street Journal points out that if the estate tax disappears in 2010, as is scheduled to happen under current law, far more people will be caught up in new rules affecting the step up in cost basis that inherited assets receive. Under current rules, beneficiaries typically receive a stepped-up cost basis equal to an asset’s value on the decedent’s date of death. If the estate tax disappears, those rules change and assets retain their original cost basis, which could make for an administrative nightmare, as well as higher capital gains taxes for far more people than are currently impacted by federal estate taxes. See Will the Estate Tax Disappear? (Oct. 22, 2009).
Julia Versau of the Northwest Indiana Times states that even in bad economic times, estate planning is important to protect assets, make sure they go to the right people, at the right time, and at the minimum trouble and expense. See Even in Bad Times, Lawyers Say Estate Planning is a Good Thing (Oct. 21, 2009). |