Friday, May 28, 2010 Press Coverage of Estate Planning this Week (May 28, 2010)
Robert Frank of the Wall Street Journal notes a proposal to “prepay” estate taxes through “prepayment trusts” is being discussed in Congress as talks to re-instate the federal estate tax continue. Although details are scarce, one proposal would allow people to put assets into a prepayment trust for five years, pay a 35 percent capital gains tax on appreciation, then the trust assets would pass to the owner’s beneficiaries estate tax free. See Proposed Estate Tax: Pay Now, Die Later (May 21, 2010).
Martin Shenkman writes in Financial Planning that clients often defer updating their estate plans because “nothing has changed.” Shenkman points out the many life changes that occur, such as the birth, marriage or death of a family member, or a change in the client’s health or financial status. Additionally, he points out that federal and state laws are constantly changing. To say nothing has changed is “a dangerous excuse for clients to ignore vital changes that could completely undermine their intentions.” See “Nothing Has Changed” (June 1, 2010) |