Taking Advantage of the Tax Relief Act of 2010.

Wall Street Journal points out several benefits and alterations that estate planners should consider now that the Tax Relief Act of 2010 is in effect.

• Asset protection is easier to achieve now that Congress raised the gift tax exemption.
• Be sure to revisit and edit any formula clauses in older estate-planning documents because they may not comport with changes in tax laws now and you may get more benefit from changing those formulaic clauses.
• Dynasty trusts are now more attractive because estate planners can shelter money from estate tax for generations.
• Estate planners should gift now, while the gift tax exemption ceiling is high. The high ceiling expires in 2012.

See Glenn Ruffenach, The New Rules of Estate Planning, Wall Street Journal, July 8, 2011. 

Special thanks to Jim Hillhouse (WealthCounsel) for bringing this article to my attention.