Taw laws are constantly changing. It's a classic example of the old adage that "the only constant is change."
It sounds like a bad estate planning dream. Is it really possible that the IRS would try to collect estate tax from a beneficiary more than a decade after the death of a parent who was trying to pass his estate along to his children?
Trusts and estates is one of the most traditional areas of the law. But the law regarding same-sex couples is changing fast, creating new structures that will give rise to new traditions.
In recent years, Congressional action on esate taxes has focused on raising the exemption amount. The changes have increased the amount of assets that can be excluded from the federal estate tax. Individuals can now pass along up to $5.25 million without tax liability. For married couples, the amount is a hefty $10.5 million.