Despite Possible Phaseout of Estate Tax
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If the proposed legislation that would phase out the federal estate tax over the next 10 years becomes law, what will estate planners do? That is the question facing lawyers who have dedicated their careers to understanding the estate tax rules and to devising strategies to help their clients reduce those taxes. Though unlikely to survive President Clinton’s expected veto, a strong possibility exists that estate tax repeal will become a reality if George W. Bush is elected in November. If Al Gore is elected, though, he can be expected to veto estate tax repeal as well. However, if this fall’s election reconstitutes Congress, a Gore veto might be overridden and estate tax repeal would become a reality. If the estate and gift tax laws are eliminated, estate planners will need to rethink their practices to continue to be viable members of the legal community. Luckily for these… Source : accessmylibrary.com |