By: Pennsylvania Trust and Estate Attorney – David M. Frees III
Many wills and trusts are drafted to leave the maximum amount that can pass tax free to children or other heirs and the balance to the spouse. However, thanks to the failure of Congress to act, the estate tax has lapsed effective January 1, 2010.
This type of planning is especially common with our wealthy clients and also very common in cases where clients are in second marriages with children from prior marriages.
However, you should be sure to check your estate planning documents given this unexpected change. If the formula results in either too much going into trust, or in disinheriting a spouse, this will create undesirable results, and may result in numerous will challenges.
Click here to see the Wall Street Journal review of this important estate tax issue for married couples.
David M. Frees III – Trust, Estate and Asset Protection Planning Lawyer*
*Note, that in Pennsylvania, there are no professional designations for lawyers. The use of the expression trust lawyer or related topics merely indicates that the lawyer or attorney focuses his or her practice primarily in those areas of law. As a consumer, it is important to ascertain the level of experience that the particular attorney has in any area of law including trust and estate planning, asset protection, and probate law, and estate and trust administration.
