Why the New Estate Tax Laws Still Require Advanced Estate Planning

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New Twists in the Old Estate Tax Law

Congress approved the new estate tax law for 2011 and 2012 and gave executors options for how to handle 2010 estates. On the face of it, the increased exemption and lower tax rate seem like a boon for wealthier clients. However, you shouldn't be fooled into thinking that estate planning is no longer needed. There are pitfalls as well as opportunities in the new law.

The 9-Step Estate-Planning Review

Horsesmouth Essential: Spearhead your client’s estate review by compiling all the information an estate-planning attorney needs and sitting in on meetings to make sure your client’s wishes are fulfilled. Not only will you win the loyalty of your client, you could garner respect—and business—from a very desirable referral source.

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Bring Up Their Legacy to Get Clients Started on Estate Planning

Horsesmouth Essential: Instead of questioning clients and prospects about their estate-planning needs, ask them what kind of mark they want to leave on the world and on their children. A legacy planning approach will generate a much better response than any estate-planning inquiry can do.