The following posting was created by Randick O’Dea & Tooliatos, LLP partner Nick Tooliatos. Nick is a Certified Specialist in Probate, Estate Planning and Trust Law. Nick recently returned to the firm after a 1-year deployment in the Army Reserves.
As you may have known, 2010 was an exciting year for me. As an Army Reserve Officer, I spent the year deployed on active duty as the Deputy Commanding General of the 1st Theater Sustainment Command, working in Kuwait, Afghanistan, Iraq, Egypt and Kyrgyzstan. We had the mission to logistically support both the substantial drawdown of forces and equipment from Iraq, while at the same time, uplifting the 30,000-troop surge and required equipment into Afghanistan. It was a tremendous experience working with thousands of great American service members. I am grateful for your continued support to the law firm and me during my absence. I am back to work now, full-time, and I look forward to seeing you one of these days, soon.
To make matters even more interesting for all of us in 2010. . . in mid-December, Congress enacted new tax legislation that may affect your estate plan. When the President signed the new “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010,” (“TRUIRJCA”, or “2010 Tax Relief Act”) the federal estate tax sprang back to life. For at least the next two years, the IRS will collect a 35% tax on all estates worth more than $5 million. This article provides you with a brief overview of the new law, and more importantly, gives you some things to think about as you consider how it may affect you.