Educational Alerts

Educational Alerts are written on topics that effect various aspects of estate planning and the laws that govern it. They are usually published and posted to this site at the end of each month. Occasionally newsworthy events will initiate the release of additional alerts at the time the news breaks. The purpose of an Estate Planning Update is to bring important information to the financial advisors in the community. Our hope is that this information better equips you to assist your clients.

Congress Passes New Estate Tax Law as Part of Compromise Package --- the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRA 2010)

This Alert discusses the new tax law – TRA 2010, and its impact on estate planning. The estate and gift tax exclusion is going up to $5 million. However, TRA 2010 applies for only 2 years. After that, we’re back to the $1 million exclusion.

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Unseen Perils Often Lurk in Estate Plan Changes

The Alert examines how care must be taken when an estate tax plan is modified. In the subject situation, the client wanted to change an irrevocable GRAT because of changed circumstances. The Alert examines the risks involved in the change and the prudence of advice from a qualified estate planning attorney prior to any such change.

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Congress Passes a CLASS Act

This Alert examines the Community Living Assistance Services and Support ("CLASS") act, which was part of the large health care reform measure passed in March of 2010. The Alert examines how the program will work when it is implemented in 2012, though many questions remain.

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