Money Buzz 9/01
The consequences of the new estate tax law and the benefits of syndicated lending
By C.J. Prince •
Opinions expressed by Entrepreneur contributors are their own.
To ensure your wealth transfer goes as smoothly as possible, besure to address the changes wrought by the new estate tax law. Onechange, for example, calls for the repeal in 2004 of the provisionallowing owners of closely held businesses to exclude roughly$600,000 from the value of their estates. "If a business ownerhas that provision in his or her will and it's not taken out atthe appropriate time, it could really complicate things," saysestate tax specialist Jonathan G. Blattmachr, a partner with NewYork City-based Milbank, Tweed, Hadley & McCloy LLP.
Estate planners now have to provide for a variety of scenariosin a client's will or trust, including near-term decreasingrates and increasing exemptions, the 2010 elimination of the estatetax, and the 2011 reversion to the current system. And they'lllikely have to revise it again in 10 years. "I guarantee thelaw will not stay as it's currently written," saysBlattmachr. "So it's going to be a very difficult jugglingact."
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