With nine weeks left in 2009, the fate of the federal estate tax remains unsettled. If Congress does not act before 2010, the estate tax will be repealed for one year (the gift tax continues in effect with the current $1,000,000 exemption), then the estate tax will be restored on January 1, 2011 with a $1,000,000 per taxpayer exemption and a top marginal rate of 55% (except for estates between $10,000,000 and about $20,000,000, with a top marginal rate of 60%). >>
This alert from Haynes and Boone's Private Client Group lawyers provides an overview of two proposed changes to federal estate tax laws: the Baucus Bill and an amendment to President Obama's budget plan. >>
Trust and Estate Administration
Our firm’s interdisciplinary approach creates efficiencies with respect to administering an estate - we have the relevant expertise and resources to provide seamless guidance from estate planning, to estate administration, to planning for future generations based on prior generations’ planning.
We assist our clients with probate administration, postmortem tax planning (including effective use of disclaimers, alternate valuation elections, special use valuations, and other tax elections), IRS audits and negotiation, and the negotiation and settlement of intricate estate matters.
We also provide guidance regarding the ongoing administration of irrevocable trusts and other estate planning techniques, including trust reformation and mergers.
Our experienced litigators - working closely with our Private Client Group - handle disputed probate issues, including beneficiary disputes, will contests, will and trust construction and modification, fiduciary (executor, guardian, and trustee) liability, and the establishment and administration of guardianships.
We work closely with a client’s accountants to coordinate the preparation and filing of gift, estate, and generation-skipping tax returns, as well as fiduciary income tax returns. We provide guidance regarding income taxation of trusts and estates, and, when necessary, we represent clients before the IRS throughout the audit and settlement of estate, gift, generation-skipping, and fiduciary income tax returns.