Saturday, February 13, 2010

Some States Race To Clean Up Congress' Estate Tax Mess:

With the federal estate tax law having lapsed — a growing number of states are taking matters into their own hands.

"Investment News" has an article on this topic which I have linked this post to and it can be found here:

Dead Federal Estate Tax Rises From The Ashes - Investment News

The article discusses how lawmakers and estate attorneys in the District of Columbia and at least 13 states, including Florida, Georgia, New York and Virginia, are drafting or have introduced legislation aimed at clarifying estate tax law in the absence of a federal statute. Specifically, they hope to avoid a wave of lawsuits that will likely arise from ambiguities in wills and trusts filed this year.

For example, here's the way it would work. On Jan. 12, Virginia introduced a bill that would require all estates and trusts to be treated as though they were governed by 2009 federal tax law. I have not seen any proposed California legislation yet.

For those who want more related information on this issue, you can read a February 3 Forbes Magazine article entitled "States Race To Clean Up Congress' Estate Tax Mess."

Posted by Henry J. Moravec, III. Henry (Hank) Moravec is a partner at Moravecs, A Professional Law Corporation in San Marino, California, a suburb of Los Angeles. He focuses his practice on Estate Planning, Probate Litigation, Trust Administration, Beneficiary Representation, Trustee Representation, Tax Law, and Nonprofit Law.

Should you have any questions regarding your own situation, you can e-mail Hank Moravec at hm@moravecslaw.com or call him at (626) 793-3210. The firm website is http://www.moravecslaw.com/