Chipman Mazzucco Emerson Estate Planning and Elder Law

We recently told our clients that we expected Congress to take action before the end of 2009 to prevent repeal of the U.S. estate tax in 2010. We were wrong. Congress failed to take action.  As a result, estate planning is more difficult than ever.

For the first time since 1915, until Congress acts to re-impose an estate tax, there will be no estate tax on estates of those who die in 2010.

You might expect that the absence of the U.S. estate tax would make life simpler. Look a little under the surface, however, and you begin to understand that absence of the U.S. estate tax leaves behind certain provisions relating to capital gain taxes which will adversely affect everyone who has assets (and I literally mean everyone) while the estate tax, before repeal, adversely affected only a very small group.

The planning for long term care is also constantly changing in an environment where deficits resulting from a weak economy, bank and auto company bailouts, overseas commitments and entitlement programs create pressures to cut programs for those who have the least political muscle.

The planning environment is rapidly changing.  This blog is to help you keep track of the changes that affect you.

As the estate planning scene develops, stay tuned here for summaries of law changes, notices of seminars we will be offering to our clients and their advisors and other new content regarding estate planning and elder law issues.

Our next seminar (entitled “Is it time to review your estate plan?”) is scheduled for January 28, 2010, at the Ethan Allen Inn, Danbury, Connecticut, from 7:00 to 9:00 PM.  Space is limited.  If you wish to attend, contact me at rsl@danburylaw.com or Lynn D’Ostilio at lsd@danburylaw.com to make reservations.

Posted on 12/30/2009 by Richard S. Land, Member, Chipman, Mazzucco, Land & Pennarola, LLC.

This entry was posted on December 31, 2009 at 6:48 pm and is filed under Estate Tax and Estate Planning Developments. You can subscribe via RSS 2.0 feed to this post's comments.

Tags: elder law, estate planning, estate settlement, living trusts, living wills, medicaid, nursing homes, revocable trusts, title 19, wills