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The Las Vegas Estate Planning Lawyers of Trent, Tyrell & Phillips would like to remind you that 2010 is not only the beginning of a new decade, but it also brings with it interesting federal estate tax issues that should be of importance to those considering their estate planning needs or for those who already have their estate plan in place.
The current federal statutes eliminate federal estate taxes for the year 2010. While it is possible that Congress will enact legislation that will bring back the federal estate tax retroactively this year, clients who have wealth exceeding $1,000,000, or who have existing AB or ABC revocable living trusts, should consult with their estate planning attorney. Some revocable trusts use formulas that take into consideration the existence of a federal estate tax to determine the amounts to be distributed to beneficiaries, with the ultimate goal of reducing the grantor’s taxable estate for federal estate tax purposes. Other revocable trusts can aid in dividing the assets of a married couple upon the death of one spouse with the same ultimate goal, to reduce the taxable estate.
Given the fact that certain tools exist which can be suggested and implemented by your estate planning lawyer, the changes in the federal estate tax, along with the possibility of its reinstatement, should encourage all of us to consider or revisit our existing estate plan.
For more information, contact the Las Vegas estate planning lawyers of Trent, Tyrell & Phillips at 866-605-5040.
Trent, Tyrell & Phillips
11920 Southern Highlands Parkway #200
Las Vegas, NV 89141