On June 22, 2010, LexisNexis® Estate Practice & Elder Law Community posted the following podcast: Randy Spiro on practical considerations in estate planning's most uncertain year. Randy M. Spiro is an estate planning attorney who practices in California, and is a Certified Specialist in Taxation and in Probate, Estate Planning and Trust Law. He has been practicing law since 1978.
In this interview, Spiro reviews the following:
- reviews the current state of the estate tax, GST tax, and gift tax
- problems with formula clauses A/B trusts
- benefits and downsides of disclaimer trusts
- constitutionality of a retroactive estate tax
- the importance of reviewing clients' estate plans – motivating clients and educating advisors
- putting instructions regarding the estate tax in health care proxy and power of attorney
- who to name as contingent beneficiary in an IRA; "stretching" an IRA
- thoughts about the estate tax in 2011
Spiro also shares his expertise in a number of informative articles on JDSupra. For example, in one article – Would Retroactive Reinstatement of the Federal Estate Tax be Constitutional? (1/11/10) – Spiro summarizes U.S. v Carlton, 512 U.S. 26 (1994), and Nationsbank of Texas, N.A. v. U.S, 269 F3d 1332 (Fed.Cir.2001). He concludes by writing,
It would be foolish to conclude that the Carlton and Nationsbank cases are controlling on the issue of constitutionality, but it would be equally foolish to believe that the Supreme Court will treat these cases as irrelevant. Rather, this situation presents an excellent law school exam question where there is merit on both sides. If the estate tax is retroactively reinstated, affected taxpayers will not find it amusing that Congress has created a great law school exam question.