Estate Planning in the New Tax and Societal Environment

Estate planning is evolving in significant ways, and if your clients haven’t updated their planning and documents for the new world of estate planning, the planning likely won’t be as effective as they wish. More than ever before, estate planning is intertwined with income tax planning. While estate planners have been quite conscious of the income tax basis implications of estate plans, the new paradigm implicates a wide range of income tax planning decisions into the estate-planning process. Many, perhaps most, old wills and revocable trust dispositive schemes, especially if based on formula clauses, might not be optimal. They may even pose the danger of causing adverse tax results versus having no planning in place at all.

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