How will my personal estate plan be affected by the current repeal of the estate tax?

Many of you have wills and trust agreements that include “formulas” to determine what amounts of the estate will pass to different beneficiaries or to trusts for the benefit of different beneficiaries. Those kinds of “formula provisions” are based upon the estate and GST tax law in effect at the time of the client’s death. For example, a will or trust agreement could include a formula provision allocating the largest amount or percentage of the client’s estate that can pass free of estate tax to a “Family Trust” for the benefit of the client’s children and the remainder of the client’s estate to a “Marital Trust” for the benefit of the client’s surviving spouse.

Depending upon the exact wording of the will or trust agreement, it is possible that this kind of provision would result in the entire estate passing to the Family Trust and nothing passing to the Marital Trust. Formula provisions allocating the “GST exempt” and “GST nonexempt” shares of the estate and formula provisions ... more.

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