Estate Planning and the 2009 Increase in Exemptions and Exclusions

Gallo, Jon J.
December 2008
Journal of Financial Planning;Dec2008, Vol. 21 Issue 12, p36
Academic Journal
This article discusses the changes in estate tax law for the year 2009 resulting from the U.S. Economic Growth and Tax Relief Act of 2001. The effect of this law on estate taxes, generation-skipping taxes, gift taxes, and similar regulations is also framed in terms of a sunset provision that will eliminate these changes in 2011. The need for careful estate planning is presented with examples of how a spouse or child can accidentally be disinherited in favor of other children or grandchildren. The risks posed by these and similar circumstances are presented as reasons for considering revisions to the estate management plans held by clients. The effects of changing tax laws on the management of Crummey trusts and other trust funds is considered.


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