Sun 30 Sep 2007
Congress will be addressing the estate tax law. There was talk of a $5 million unified credit and a rate reduction. However, the likely outcome is a freeze to the 2009 unified credit of $3.5 million, keeping the current rate. You should continue to make gifts and even consider using a family limited partnership or qualified personal residence trust. Also, make sure that your trust and other estate documents are up to date for changes in both state and federal laws.
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