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Estate and gift planning
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Do you have a well-considered plan for the successful and effective transfer of your wealth?
Wealth transfer planning enables you to protect your wealth and steward it into future generations. Although each individual’s situation is unique, it is almost always appropriate to follow a four-step process in building an effective estate plan. In addition, there are many tax implications that should be carefully considered in the development of an estate plan, and the relevant tax rules change frequently.For other topics covered in the 2010 Guide to tax and wealth management, please visit our Personal financial services site.
Federal Estate and Generation Skipping Transfer Tax Update
As a result of Congressional inaction, the estate and generation-skipping transfer (GST) taxes were allowed to expire at the end of 2009. Democratic leaders’ attempts to extend 2009 estate and GST tax law were stymied by the year-end Senate focus on passing health care reform legislation and disagreements among Democratic lawmakers over estate tax policy and other issues. Key lawmakers have suggested the estate and GST taxes may be reinstated retroactively; however, a retroactive tax increase may be politically difficult, especially in an election year. In addition, constitutional challenges are possible. As a result, there is considerable uncertainty about 2010 estate, gift and GST tax law. Read more on the current law, legislation and outlook.
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