Previously, this author has written about the potential pitfalls of forgoing an actual estate plan and instead relying upon portability under the 2010 Tax Relief Act to achieve a client’s wealth transfer goals.
In light of the fact that we currently are burdened with a Congress so entrenched in party politics that it was almost willing to do nothing when the debt ceiling crisis arose last year, it may be a good time to examine another area of the law in which reliance upon statutes, or a simple ignorance of the law, has seemingly dominated the manner in which many attorneys practice: the generation-skipping transfer tax (GSTT).
