by

Robert B. Ritter, Jr.
InsMark Chairman/CEO

Click here for a brief PowerPoint presentation on the estate planning highlights of the December 2010 Federal Tax Bill including its effect on data entry in InsMark’s Wealthy and Wise®.

One of the key provisions involves “portability” enabling a surviving spouse to utilize any unused portion of deceased spouse’s lifetime exemption. On the one hand, portability could be a bailout for those who don’t bother to create an estate plan as it appears to eliminate the need for credit shelter trusts; however, there are strong reasons to continue the use of such trusts. Go to http://toddmayo.blogspot.com/2010/12/some-thoughts-about-portability.html for a terrific article on this subject written by Todd D. Mayo, President of Cambridge Trust Company.

Important Note: The information in this article and any referred material is solely for educational purposes. In all cases, approval of a client’s legal and tax advisers must be secured regarding the implementation or modification of any planning technique as well as the applicability and consequences of new cases, rulings, or legislation.

IRS Circular 230 Disclosure

In order to comply with requirements imposed by the IRS which may apply to this document (including any attachments, enclosures, or referred material) as distributed or as re-circulated, please be advised that the material contained herein is not intended or written to be used, and it cannot be used, by anyone for the purposes of avoiding any penalty that may be imposed by the Internal Revenue Service under the Internal Revenue Code. In the event that this document (including any attachments, enclosures, or referred material) is also considered to be a “marketed opinion” within the meaning of the IRS guidance, then, as required by the IRS, please be further advised that the material contained herein is written to support the promotions or marketing of the transactions or matters addressed by the material contained herein, and, based on the particular circumstances, you should seek advice from an independent tax advisor.