Alice in Wonderland Comes to Washington

Gallo, Jon J.
September 2001
Journal of Financial Planning;Sep2001, Vol. 14 Issue 9, p36
Academic Journal
This article presents suggestions for dealing with estate tax provision under the U.S. Economic Growth and Tax Relief Reconciliation Act of 2001. Under the Tax Relief Act, beginning January 1, 2010, estate taxes will be abolished. However, the repeal will last only for a year and will be reinstated in 2011. Such provision caused ambiguity, calling for financial planners and clients to make preparations beforehand. Measures that could be taken include: (1.) review and revision of financial plans at least every five years; and (2.) transfer assets to children and other heirs by lifetime gifts that incur gift tax than through transfers at death subject to estate taxes.


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