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Article: Waiting for estate tax repeal: what do you tell your clients in the meantime? (Real Property, Probate and Trust Law).(effect of repeal on estate planning attorneys)(Florida)
- Article from:
- Florida Bar Journal
- Article date:
- November 1, 2001
- Author:
CopyrightCOPYRIGHT 2001 Florida Bar. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In the 1988 film "The Boost," Lenny Brown makes a handsome living selling interests in tax-shelter limited partnerships to affluent investors. He has the world by the tail until the day Congress closes the tax-shelter loophole: Almost overnight, demand for Lenny's limited partnership interests disappears. Deprived of his livelihood by the stroke of a pen, Lenny loses everything. Has Congress, by repealing the estate tax as a part of the Economic Growth and Tax Relief Act of 2001 (the "act"), consigned estate planning lawyers to a similar fate? It does not appear likely.
Repeal will not occur, if at all, until 2010. With four Congressional elections and two ...