Why 2010 Means Trouble for Many Living Trusts
Wednesday, February 17th, 2010You may have heard that 2010 is the year without an estate tax. It’s caused some people to suggest that if you have to pick a year to die, pick 2010.
Not so fast!
In the absence of the death tax this year, there is a substitute tax system that is likely to collect more money from more people upon their deaths. This one-year system will seriously impact the way they planned for their property to pass to their loved ones. To make things even more complicated, most living trusts aren’t equipped to deal with the 2010 rules.
Anyone who didn’t plan with an attorney who prepared for this year’s issues should have their trust reviewed and quite possibly restated.
