Right now estate planning lawyers look like ants after the anthill has been kicked over. We are frantically scurrying in a blind search for answers to The Big Question: What are the estate planning rules now?
For years, Congress has known that the current rules would fall off a legal cliff on January 1, 2010. Congress always promised to fix the “temporary” expiration of the rules before now… But as we have seen, who can trust Congress to do what needs to be done, when it needs to be done?
All nationally known estate tax gurus have believed that the likelihood of 2010 with no estate tax was as improbable as the Cubs winning the World Series, pigs flying, etc.
Okay, so there is no estate tax this year… What does that mean to your existing will or trust estate plan? Answer: You should contact a skilled estate planning attorney to schedule a review of your existing estate plan! ALMOST ALL EXISTING HUSBAND-AND-WIFE ESTATE PLANS MUST BE REVISED TO AVOID SOME UNEXPECTED BAD RESULTS!
I am telling all of my current estate planning clients that we will make their wills/trusts convertible so as to accommodate new tax law changes.
Ignorance is not bliss! Now is the time to schedule a review of all existing estate plans!