The tax bill passed recently by Congress and signed into law by President Obama on 17 December 2010 addresses important tax issues for 2010 through 2013. The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has several important aspects that affect the estates of decedents who died in 2010. The new law also has important provisions that may affect current estate plans. Several key changes and the impact on estate planning are summarized here
In the current economic climate, there seem to be more and more predators on the elderly. Unfortunately, many of those predators are those we tend to trust the most – family members, caregivers and people who are there to help.
As a population ages, protecting the elderly generation from financial predators becomes of paramount concern. The experience, at least in the author’s jurisdiction, is that financial exploitation is a significant problem. Exploitation can be outright criminal, such as threatening to withhold medical care if assets are not transferred or fraudulently conveying assets under a professional’s management.