The year has started with a rush for trusts and estates lawyers, who are scrambling to field calls from clients worried about how a one-year lapse in the federal estate tax affects their legal documents. The situation is "a very real mess, which leaves millions of Americans unnecessarily at risk," says one lawyer for a Chicago-based boutique. A Morgan Lewis partner laments that some clients will end up rearranging their plans only to have those changes become obsolete or prove needless if Congress acts this year.
February 02, 2010 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
On Jan. 5, after it sunk in that Congress hadn’t reinstated the federal estate tax that lapsed on Dec. 31, Chicago lawyer Thomas Handler sent an e-mail to about 2,000 clients for whom his firm provides estate-planning services.
“This situation is a very real mess, which leaves millions of Americans unnecessarily at risk,” he said in the e-mail. “In the event that anyone does not wish to live with this current risk, a stop-gap provision can be put in place.”
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