The Osofsky Law firm urges clients to review their estate plans or living trusts to keep them current. Even economic conditions occurring in the U.S. can greatly alter your original intent.<\/p>\n
Revocable “living” trusts can be a prudent estate planning device, but must be kept current. Prior to the 2001 changes in the tax law, the personal lifetime exemption from estate tax was $675,000. Couples often based their plan design on that rule. But when the exemption was increased to $3.5 million, the playing field changed. In fact, many couples had not updated their trusts to accommodate this change. “The tax landscape had been dramatically altered since many couples originally designed their trusts,” says Gene L. Osofsky, of the law firm Osofsky and Osofsky. There were other differences in those pre-2001 documents. “Many of these older trusts contained directions to split the trust estate into mandatory sub-trusts upon the death of the (more…)<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":" The Osofsky Law firm urges clients to review their estate plans or living trusts to keep them current. Even economic conditions occurring in the U.S. can greatly alter your original intent. Revocable “living” trusts can be a prudent estate planning…<\/span><\/p>\n