Jun 1, 2007 12:00 PM, By Robert C. Pomeroy, of counsel, and Susan L. Abbott, associate, Goodwin Procter LLP, Boston

By: By Robert C. Pomeroy, of counsel, and Susan L. Abbott, associate, Goodwin Procter LLP, Boston

Estate planners have new opportunities to save taxes for their clients using deathbed planning techniques in states that have decoupled their estate taxes from the federal estate tax.

Before the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), a credit was allowed in the computation of the federal estate tax for death taxes paid to any state, subject to the limitations set forth in Internal Revenue Code Section 2011. (See “The Past,” p. 26.) Many states limited their estate taxes to the amount of that state death tax credit, which meant that the federal government shared a portion of its estate tax revenue with the state in question at no cost to the estate of the deceased client.

T&E Premium Content

To read the rest of this article, please login to our Premium Content section:

Registered Web Site Users
User Name:
Password:
Remember Me