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Should I update my Estate Plan in reference to the Economic Growth and Tax Relief Reconciliation Act of 2001?
It is always appropriate to review your life and estate planning priorities and objectives (even if you have accomplished one fairly recently) when and if personal circumstances and/or tax law changes are effectuated. In 2001, the Federal Government enacted the Economic Growth and Tax Relief Reconciliation Act of 2001 which provided (among other changes) a number of revisions to the Federal Income, Estate and Gift Tax Laws. You may wish to consult your tax professional to determine how this Act may affect you personally. In some instances, no changes in your Estate Plan will be necessary or desired. In some specific instances, the estate tax revisions may allow you additional flexibility which you did not have within the constraints of the prior Estate and Gift Tax Laws in effect when your current Plan was completed. Thus, you are encouraged to review your Estate Plan to avail yourselves of the additional flexibility which your Plan may now be able to provide.
It is suggested that in nearly all instances, the Estate/Gift Tax Revisions should be a positive in your overall life and estate plan for yourselves and your family. Yet, each personal circumstance and the specifics thereof do require separate consideration to determine what, if any, revisions would be appropriate for you personally. If our office may assist you in determining how the Act may have affected you personally, please do not hesitate to call for a no obligation conference to review this matter.
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