55 YEARS OF ESTABLISHED LAW IS BEING REPEALED

Attendance at the Notre Dame Annual Tax and Estate Planning Institute on October 1st and 2nd revealed that estate preservation will beome much more difficult according to highly reputable tax authorities.  In 2010, anticipated to be made retroactive to January 1, 2010, the "willing buyer willing seller" rule will be negated and valuation discounts for lack of marketability and minority interests for family limited partnerships, limited liability companies, restricted corporate stock, etc. will no longer be available.  For those who have large estates, one CPA-Tax attorney has designed a valuation reduction structure that will work in limited situations but this proceedure will also be negated by the 2010 tax legislation.

ESTATE LITIGATION IS ON THE INCREASE

In 2007 prominent estate planning attorney Roy Adams declared that "estate litigation" in now the number one litigation issue in the United States.  During attendence at the Notre Dame Annual Tax and Estate Planning Institute on October 1st, Professor Jeffrey Pennell corroborated Mr. Adams' remarks and declared that estate litigation is expected to increase even more.  And, much of this increase will be the result of "do-it-yourself" forms purchased off of the interenet which are grossly inadequate for today's world.  For example, ElderLaw Answers (7-8-09) warned individuals to "beware of generic health care proxy forms."