This Week's Topic: Estate Tax Repeal

I just returned from the California State Bar Convention in Anaheim where I attended about eight seminars starting Thursday morning and ending Sunday noon. I admit that I watched Fresno State University beat Wisconsin Saturday morning, but otherwise I faithfully attended the classes that I had reserved. I learned a great deal which I will share with you in future weeks. It is now about 6 p.m. and I do not have time today to get into much depth on any topic.

However, the general consensus of the estate planning speakers is that repeal of the estate tax will not occur because it cannot occur as a result of the huge drain it and many other taxes will have on our federal budget. The trillions that are estimated to move from generation to generation in the next 20 years needs to be taxed to create the income at the federal level to allow Congress to maintain and implement the programs that both parties want, according to several speakers that made presentations this weekend.

The experts advise that we keep doing what we have been doing: reduce estates with gifts, family limited partnerships, profit opportunities to younger generations and keeping life insurance out of the estate via irrevocable trusts. Continued and more frequent review of current planning is necessary as no one can predict what Congress will do in any year and if death occurs in a year that we haven