Due to there being no Federal Estate Tax, our Married clients with pre-2002 estate planning need to have their plans reviewed immediately. This is because, with the current state of the law, it may no longer be possible to tell how the trust or trusts will be funded postmortem beginning January 1, 2010.
This could result in the imposition of a postmortem court proceeding in order to interpret the meaning of your trust agreement. Although we have written about the potential for this issue in a number of newsletters, beginning as far back as May or June of 2001, the problem has in fact arrived and now must be addressed in order to prevent the potentially negative consequences for your surviving spouse and other family members. If you have ignored the issues in the past, please do not do so now. This may be the last train leaving the station.
For additional information please review of January 2010 Client Newsletter.