Estate Planning 2009 & Beyond

With the election over, we know who our next President will be and the makeup of the next Congress. For estate planning we also know what has been promised by an Obama administration.

The federal estate tax exemption increases to $3,500,000 on January 1, 2009. President Elect Obama has endorsed this level for the federal estate exemption going forward.

Mr. Obama has also promised legislation making any exemption not used at the first death of a married couple available on the surviving spouse's death. If enacted this will make traditional marital deduction planning obsolete.

However, there remains a significant and acute need for appropriate planning even under an Obama estate tax administration. Protection of the surviving spouse and children; along with other family members will remain a focal point for your estate planning.

Higher exemptions and exemption portability do not eliminate the need for estate planning, but changes the focus in the planning process.

To learn how these changes impact your planning, please contact our office for more information.

Thank you.