Friday, January 08, 2010 Press Coverage of Estate Planning this Week (Jan. 8, 2010)Deborah L. Jacobs of Moneywatch.com provides an overview of what’s happening to the estate tax on the federal level, steps to take now in case Congress doesn’t re-institute the federal estate tax this year, and some general financial moves to consider sooner rather than later. See Estate Tax: What You Need to Know for 2010 (Jan. 5, 2010).
Martin Vaughan of the Wall Street Journal points out some hidden dangers in existing estate plans due to the one year lapse of the federal estate tax, particularly for surviving spouses of people who die in 2010. The problem centers on formula clauses predicated on the existence of the federal estate tax. Such clauses could go awry when no tax exists. See Repeal of Estate Tax Creates Planning Dilemmas (Dec. 31, 2009).
Laura Saunders of the Wall Street Journal discusses how end-of-life decisions are being impacted by the lapse of the estate tax in 2010. At the end of 2009, some patients were trying to hold on until 2010 to avoid the estate tax. At the end of 2010, some patients may seek to pull the plug earlier than they otherwise would. See Rich Cling to Life to Beat Tax Man (Dec. 30, 2009). |