ÿþ<d<div align="center"><table><tr><td align="left"><!--Copyright (c) 1996-2010 Constant Contact. All rights reserved. Except as permitted under a separate written agreement with Constant Contact, neither the Constant Contact software, nor any content that appears on any Constant Contact site, including but not limited to, web pages, newsletters, or templates may be reproduced, republished, repurposed, or distributed without the prior written permission of Constant Contact. For inquiries regarding reproduction or distribution of any Constant Contact material, please contact legal@constantcontact.com.--> <div id="rootDiv" align="center"> <table style="background-color:#006633;margin:0px 0px 0px 0px;" bgcolor="#006633" border="0" width="100%" cellspacing="0" cellpadding="0"> <tr> <td valign="top" rowspan="1" colspan="1" align="center"> <table style="width:600px;" border="0" width="600" cellspacing="0" cellpadding="1"> <tr> <td valign="top" width="100%" rowspan="1" colspan="1" align="left"> </td> </tr> <tr> <td style="background-color:#FFFFFF;padding:1px;" bgcolor="#FFFFFF" valign="top" rowspan="1" colspan="1" align="left"> <table border="0" width="100%" cellspacing="0" cellpadding="0"> <tr> <td style="background-color:#006633;" bgcolor="#006633" valign="top" width="100%" rowspan="1" colspan="2" align="left"> <table id="content_LETTER.BLOCK1" width="100%" border="0" hidefocus="true" tabindex="0" cellspacing="0" cols="0" cellpadding="0" contenteditable="inherit" datapagesize="0"> <tr> <td align="left"><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2F&id=preview" target="_blank"><img name="ACCOUNT.IMAGE.262" border="0" contenteditable="false" optionname="NEWSLETTER_MAGIC_HDR" alt="Wealth Planning & Wealth Preservation Update" src="http://origin.ih.constantcontact.com/fs046/1101314360574/img/262.jpg" /></a></td></tr></table> </td> </tr> </table> <table border="0" width="100%" cellspacing="0" cellpadding="0"> <tr> <td style="background-color:#FFFFFF;width:450px;padding:5px;" bgcolor="#FFFFFF" valign="top" width="150" rowspan="1" colspan="1" align="left"> <table border="0" width="100%" cellspacing="0" cellpadding="0"> <tr> <td valign="top" width="100%" rowspan="1" colspan="1" align="left"> <table width="100%" id="content_LETTER.BLOCK2" aria-posinset="0" aria-setsize="0" border="0" hidefocus="true" tabindex="0" cellspacing="0" cols="0" cellpadding="5" aria-level="0" contenteditable="inherit" datapagesize="0"> <tr> <td style="color:#FFFFFF;font-family:Times New Roman,Times,serif;font-size:24pt;" styleclass="style_MainTitle" align="left"><font color="#FFFFFF" size="6" face="Times New Roman,Times,serif" style="color:#FFFFFF;font-family:Times New Roman,Times,serif;font-size:24pt;"> <div align="right"><font face="Georgia,Times New Roman,Times,serif"><font size="2"><font color="#000000">January/February </font><font color="#000000"><font color="#000000">2010</font></font></font></font></div></font></td></tr></table> <table style="margin-bottom:5px;" width="100%" id="content_LETTER.BLOCK3" aria-posinset="0" aria-setsize="0" border="0" hidefocus="true" tabindex="0" cellspacing="0" cols="0" cellpadding="5" aria-level="0" contenteditable="inherit" datapagesize="0"><a TARGET="_BLANK" name="LETTER.BLOCK3" /> <tr> <td style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;" styleclass="style_MainText" align="left"><font color="#000000" size="2" face="Arial,Helvetica,sans-serif" style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;"> <div align="justify">Welcome to the&nbsp;January/February issue of the <span style="COLOR: rgb(0,102,51); FONT-WEIGHT: bold">Wealth Planning and Preservation Update</span>.&nbsp;Below you will find an enlightening article&nbsp;about&nbsp;the 2010 federal estate tax "repeal," why it is surprising and&nbsp;the intended and unintended affects it could have on estate planning. There is also a link to our 2010 Tax Compliance Memorandum, which is pertinent for offshore planning and non-U.S. persons and entities.</div> <div align="justify">&nbsp;</div> <div align="justify"><font color="#006633"><strong>Morris Law Group</strong></font>, a full-service&nbsp;Estate, Asset Protection and Business Planning boutique law firm,&nbsp;is dedicated to helping individuals, families and businesses&nbsp;preserve their wealth for future generations.&nbsp;We practice exclusively in the areas of:</div> <ul> <li> <div align="justify"><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fwealthpreservation.html&id=preview" linktype="link" target="_blank">Wealth Preservation Planning</a>, including Asset Protection programs tailored to the needs of each client by employing extensive expertise in various areas of the law such as Real Property, Domestic and International Tax, Estate Planning, Pension, Trusts and Estates, Bankruptcy and Debtor-Creditor.<br /><br /></div> <li> <div align="justify"><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Festateplanning.html&id=preview" linktype="link" target="_blank">Estate Planning</a> including the establishment of Trusts, gifting programs, entity freezes, private foundations and the commencement of Insurance Planning and Charitable Planning. <br /><br /></div> <li> <div align="justify">Wills and Trusts including two trusts developed by Morris Law Group, the <a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fopportunitytrusts.html&id=preview" linktype="link" target="_blank">Opportunity Trust&trade;</a> and the <a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fgenerationspanningtrusts.html&id=preview" linktype="link" target="_blank">Generation Spanning Trust&trade;</a>. <br /><br /></div> <li> <div align="justify"><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fbusinessstructuring.html&id=preview" linktype="link" target="_blank">Business Structuring and Succession Planning</a>&nbsp;for the transfer of ownership and control of a closely held business from one generation to the next with the intent of minimizing taxes and preserving corporate assets. This may include preparing restrictive shareholder and partnership agreements and corporate reorganization plans, solving liquidity issues for tax obligations, structuring stockholder buy-sell agreements, and&nbsp;working with clients who have accumulated balances in their 401(k) and profit-sharing plans, and IRAs.</div></li></li></li></li></ul> <ul> <li> <div align="justify"><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fprobateandtrust.html&id=preview" linktype="link" target="_blank">Probate and Trust Administration</a> including representing individual and professional fiduciaries, personal representatives, trustees and other fiduciaries in connection with the Administration of Probate Estates and Trusts;&nbsp;preparing federal and state estate, inheritance, generation-skipping transfer and gift tax returns for fiduciaries;&nbsp;and&nbsp;representing fiduciaries in tax audits and controversies.</div></li></ul> <ul> <li> <div align="justify"><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fhighlycompensatedindividuals.html&id=preview" linktype="link" target="_blank">Planning techniques for highly compensated and high net- worth individuals</a> including establishing charitable trusts and foundations; establishing international and domestic Trusts; developing gifting plans; implementing income timing techniques, such as the exercise of stock options; and structuring corporations and entities. </div></li></ul> <ul> <li> <div align="justify">Domestic and International Tax Planning. </div></li></ul> <div align="justify">Don't let the daunting sound of "Wealth Preservation Planning" or "Estate Planning" get in your way! We help clients just like you get their affairs in order, painlessly and productively, everyday.&nbsp;One tool that we developed to assist in the process is <a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fpdfs%2F2009-wealthpressolution.pdf&id=preview" linktype="link" target="_blank">The Wealth Preservation Solution©</a>. This consists of six steps to an estate plan that meets your goals and objectives, reduces your taxes and costs, and protects the interests of your beneficiaries. Sound doable? It is! <u><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fpdfs%2F2009-wealthpressolution.pdf&id=preview" linktype="link" target="_blank">Click here to view The Wealth Preservation Solution©.</a></u> Then,&nbsp;<a TARGET="_BLANK" href="mailto:info@law-morris.com" target="_blank">click here to send us an email </a>letting us know that&nbsp;you would like to speak to one of our attorneys about&nbsp;your or your clients' wealth preservation plan.</div></font></td></tr></table> <table style="background-color:#000000;margin-bottom:5px;" bgcolor="#000000" border="0" width="100%" cellspacing="0" cellpadding="0"> <tr> <td height="1" rowspan="1" colspan="1" align="left" /> </tr> </table><a TARGET="_BLANK" name="LETTER.BLOCK20" /><table Mclass="ArticleBorder" style="margin-bottom:5px;" width="100%" id="content_LETTER.BLOCK20" aria-posinset="0" aria-setsize="0" border="0" hidefocus="true" tabindex="0" cellspacing="0" cols="0" cellpadding="5" aria-level="0" contenteditable="inherit" datapagesize="0"> <tr> <td style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;" align="left"><font color="#000000" size="2" face="Arial,Helvetica,sans-serif" style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;"> <div style="color:#006633;font-family:Georgia,Times New Roman,Times,serif;font-size:14pt;" align="left"><font color="#006633" size="4" face="Georgia,Times New Roman,Times,serif" style="color:#006633;font-family:Georgia,Times New Roman,Times,serif;font-size:14pt;"><strong>Tax Compliance for Offshore Planning&nbsp;and Non-U.S. Persons/Entities</strong>&nbsp;</font></div> <div>&nbsp;</div> <div align="justify"><img height="118" name="ACCOUNT.IMAGE.351" border="0" width="118" contenteditable="false" alt="Checklist with ticks" src="http://origin.ih.constantcontact.com/fs046/1101314360574/img/351.jpg" align="left"><a TARGET="_BLANK" style="COLOR: blue; TEXT-DECORATION: underline" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Flaw-morris.com%2Fpdfs%2F2010-foreigntaxcompliance.pdf&id=preview" linktype="link" target="_blank">Click here</a> for our <strong><a TARGET="_BLANK" style="COLOR: blue; TEXT-DECORATION: underline" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Flaw-morris.com%2Fpdfs%2F2010-foreigntaxcompliance.pdf&id=preview" linktype="link" target="_blank">2010 Tax Compliance Memorandum,</a></strong> which provides tax compliance information relevant to U.S. individuals or entities that have ties to foreign individuals, entities, or foreign bank or financial accounts. This critical information&nbsp;is also applicable to foreign individuals or entities with ties to the U.S. The Memorandum should be reviewed carefully by anyone who falls into one of the relevant groups.</img></div> <div>&nbsp;</div></font></td></tr></table></td> </tr> <tr> <td valign="top" width="100%" rowspan="1" colspan="1" align="left"> <table style="background-color:#000000;margin-bottom:5px;" bgcolor="#000000" border="0" width="100%" cellspacing="0" cellpadding="0"> <tr> <td height="1" rowspan="1" colspan="1" align="left" /> </tr> </table> <a TARGET="_BLANK" name="LETTER.BLOCK7" /><table Mclass="ArticleBorder" style="margin-bottom:5px;" width="100%" id="content_LETTER.BLOCK7" aria-posinset="0" aria-setsize="0" border="0" hidefocus="true" tabindex="0" cellspacing="0" cols="0" cellpadding="5" aria-level="0" contenteditable="inherit" datapagesize="0"> <tr> <td style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;" styleclass="style_MainText" align="left"><font color="#000000" size="2" face="Arial,Helvetica,sans-serif" style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;"> <div style="color:#006633;font-family:Georgia,Times New Roman,Times,serif;font-size:14pt;" styleclass="style_ArticleHead" align="left"><font color="#006633" size="4" face="Georgia,Times New Roman,Times,serif" style="color:#006633;font-family:Georgia,Times New Roman,Times,serif;font-size:14pt;"><strong>Planning During and After the "Repeal" of the Estate Tax <div><br /></div></strong></font></div> <p align="justify"><img height="175" name="ACCOUNT.IMAGE.350" border="0" width="168" contenteditable="false" alt="Question mark-maze" src="http://origin.ih.constantcontact.com/fs046/1101314360574/img/350.jpg" align="left">The 2010 federal estate tax repeal has been nine years in the making, yet we can honestly say that no one saw it coming. Virtually all estate planning professionals and politicos predicted that the repeal would never occur and that a tax-reform package would provide some certainty to the future of estate planning. <span style="mso-spacerun: yes">&nbsp;</span>However, Congress did not act.&nbsp;<span style="mso-spacerun: yes">&nbsp;</span> </img></p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">The "repeal" of the federal estate tax in 2010 is one step in a larger scheme enacted by Congress in 2001 which gradually increased the estate tax and generation skipping transfer ("GST") tax exemption amounts from $1,000,000 in 2002 to $3,500,000 in 2009, and ultimately to an unlimited exemption in 2010.<span style="mso-spacerun: yes">&nbsp;</span>The federal gift tax continues for 2010, with the rules enacted in 2001 being effective. <span style="mso-spacerun: yes">&nbsp;</span>In addition, assets included in the estates of decedents dying in 2010 will receive a limited adjustment in the income-tax basis of such assets to date of death value (i.e., the so-called carryover basis rules have taken effect).<span style="mso-spacerun: yes">&nbsp; </span>Beginning in 2011, the estate tax and GST tax return, with the exemption for each returning to the $1,000,000 amount that existed in 2002.<span style="mso-spacerun: yes">&nbsp; </span>Thus, rather than characterize this as a repeal, perhaps it is more accurate to simply state that the federal estate tax does not apply to estates of those who die in 2010. <span style="mso-spacerun: yes">&nbsp;</span>While the elimination of the federal estate tax in 2010 may generally sound like a good thing for taxpayers, it very well may have some unintended consequences. </p> <p Mclass="Default" style="MARGIN: 0in 0in 0pt"><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">&nbsp;</span></p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">The most prominent problems could arise where bequests under estate planning documents are based upon the maximum allowable estate and GST tax exemptions. <span style="mso-spacerun: yes">&nbsp;</span>In such circumstances, a taxpayer's spouse and/or children could be unintentionally disinherited. <span style="mso-spacerun: yes">&nbsp;</span>Estate plans should be revisited to review tax planning provisions. <span style="mso-spacerun: yes">&nbsp;</span></p> <p Mclass="Default" style="MARGIN: 0in 0in 0pt"><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">&nbsp;</span></p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">While the federal estate and GST tax exemptions in 2010 are unlimited, the federal gift tax exemption remains at $1,000,000. <span style="mso-spacerun: yes">&nbsp;</span>The gift tax rate, however, has decreased to 35%. <span style="mso-spacerun: yes">&nbsp;</span>This rate decrease could offer certain taxpayers an incentive to make significant lifetime gifts. <span style="mso-spacerun: yes">&nbsp;</span></p> <p Mclass="Default" style="MARGIN: 0in 0in 0pt"><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">&nbsp;</span></p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">One of the trade-offs of the elimination of the federal estate tax in 2010 is the reduction of the step-up in basis of assets owned at death. <span style="mso-spacerun: yes">&nbsp;</span>For decedents dying in 2009 and prior years, the appreciation on capital assets owned by a decedent was wiped out at death. <span style="mso-spacerun: yes">&nbsp;</span>For decedents dying in 2010, this adjustment in basis to fair market value has been eliminated.&nbsp;Generally heirs and beneficiaries will receive the carryover basis of inherited assets, with two exceptions: (1) a decedent's executor can allocate up to $1,300,000 worth of "basis" to assets passing from the decedent to any person; and (2) the executor can allocate up to $3,000,000 worth of "basis" to assets passing from the decedent to the surviving spouse or to certain trusts for the benefit of the surviving spouse.&nbsp;Executors will be faced with difficult decisions about how to apportion this basis among assets and heirs. <span style="mso-spacerun: yes">&nbsp;</span></p> <p Mclass="Default" style="MARGIN: 0in 0in 0pt"><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">&nbsp;</span></p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">It is important to remember that the 2010 repeal only applies to federal estate taxes. <span style="mso-spacerun: yes">&nbsp;</span>Although there is no state estate tax in Florida, the estate tax in states like Massachusetts, New York, New Jersey and Rhode Island is still alive and well. <span style="mso-spacerun: yes">&nbsp;</span>The traditional planning to eliminate or defer state estate taxes remains of critical importance in saving state tax dollars, and estate plans should be reviewed to ensure that this planning is adequate. <span style="mso-spacerun: yes">&nbsp;</span></p> <p Mclass="Default" style="MARGIN: 0in 0in 0pt"><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">&nbsp;</span></p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">A great deal of analysis continues over whether Congress can and will pass a law in 2010 which reinstates the federal estate tax for estates of decedents dying in 2010. <span style="mso-spacerun: yes">&nbsp;</span>Some in Congress have promised to take this matter up quickly this month and provide for retroactive re-enactment of these taxes. <span style="mso-spacerun: yes">&nbsp;</span>President Obama has included a retroactive reinstatement of the estate tax to its 2009 limits in the recently released budget.<span style="mso-spacerun: yes">&nbsp; </span>There has been some discussion of the possible challenge of a retroactively imposed tax based on Constitutional grounds. In August 1993, President Clinton signed a bill that extended an additional 5-percent surcharge to the federal estate and GST taxes and made the provision retroactive to January 1 of that year. <span style="mso-spacerun: yes">&nbsp;</span>There was a Constitutional challenge to that provision that was ultimately denied, but the court's decision was based on the plaintiff's standing to bring the suit, not on the Constitutional issue. <span style="mso-spacerun: yes">&nbsp;</span>Certainly, there have been and will be decedents' estates from deaths early this year that will become subject to a retroactive estate tax that would satisfy the standing requirements to bring a similar suit. <span style="mso-spacerun: yes">&nbsp;</span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">There are several interesting scenarios which could play out with regard to the current status of the law:</p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none"><strong>Retroactive Re-enactment of the Estate Tax.</strong>&nbsp;<span style="mso-spacerun: yes">&nbsp;</span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">This result (assuming the Constitutional issue can be resolved) has the appeal of simplicity and providing certainty for estate planning. <span style="mso-spacerun: yes">&nbsp;</span>The amount of the exemption and the maximum tax rate are certainly going to be subject to debate and the Senate will probably push for a higher exemption and lower maximum rate.&nbsp;There have been several alternatives proposed in the previous few years, with exemptions ranging from $2 to $5 million and rates from as low as 15 percent up to 55 percent in one proposal. <span style="mso-spacerun: yes">&nbsp;</span>However, there are other potential modifications to the wealth transfer tax that might work their way into legislation, which are discussed below.</span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none"><strong>Reintroduction of Graduated Marginal Estate Tax Rates.</strong>&nbsp;<span style="mso-spacerun: yes">&nbsp;</span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Due to the size of the exemption amount and the current rate table, the estate tax has been imposed at 45 percent for the last few years.<span style="mso-spacerun: yes">&nbsp; </span>The effective rate actually paid is far lower due to the exemption and other estate-tax reduction planning techniques. <span style="mso-spacerun: yes">&nbsp;</span>One recent proposal contained graduated rates above the exemption amount with the highest marginal rate of 55 percent effective for estate amounts over $10 million. <span style="mso-spacerun: yes">&nbsp;</span>This type of proposal adds some complexity, but unless the deficit concerns become paramount in the eyes of the legislators, it is unlikely that the estate-tax rate will be increased above the 2009 level.</span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none"><strong>Re-unification of the Estate and Gift Tax.</strong>&nbsp;<span style="mso-spacerun: yes">&nbsp;</span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">The 2009 level of exemption for estate was $3.5 million while lifetime taxable gifts are only exempt up to a cumulative total of $1 million. <span style="mso-spacerun: yes">&nbsp;</span>There have been proposals to unify the exemption amount. <span style="mso-spacerun: yes">&nbsp;</span>It seems unlikely that the estate-tax exemption will be lowered to as little as $1 million, even though current law would have the estate-tax exemption at this level in 2011 and thereafter. <span style="mso-spacerun: yes">&nbsp;</span>It certainly would be helpful for the succession planning for the owners of family businesses and farms if the gift-tax exemption was increased commensurate with the estate-tax exemption. <span style="mso-spacerun: yes">&nbsp;</span>However, it is also very difficult to forecast the revenue loss for this type of tax reduction.</span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none"><strong>Portability of Estate-Tax Exemption to a Surviving Spouse.</strong>&nbsp;<span style="mso-spacerun: yes">&nbsp;</span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">One proposal contained in some prior reform bills that did not pass would allow a surviving spouse to use the estate-tax exemption of a deceased spouse who did not use his or her full exemption at the time of death. <span style="mso-spacerun: yes">&nbsp;</span>This provision would simplify the estate planning for some couples since it would eliminate the need to create a formula will or living trust that create an exemption trust at the first death. <span style="mso-spacerun: yes">&nbsp;</span>It would also eliminate the need for some couples to re-title or separate assets from joint ownership. <span style="mso-spacerun: yes">&nbsp;</span>For example, assume a married couple has $7 million (assume the exemption will be re-instated at $3.5 million) owned jointly with rights of survivorship.&nbsp;When the first spouse dies, the $3.5 million exemption amount of the decedent will not be used since the surviving spouse receives the whole estate by operation of law and the transfer is completely deductible as a result of the estate-tax marital deduction. <span style="mso-spacerun: yes">&nbsp;</span>However, the surviving spouse would have a $7 million exemption at the second death.This type of change has merit, but will result in tax revenue loss because the current planning techniques to use both exemptions are often ignored or inappropriate in many scenarios. <span style="mso-spacerun: yes">&nbsp;</span></span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none"><strong>State Estate or Inheritance Taxes.</strong>&nbsp;<span style="mso-spacerun: yes">&nbsp;</span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">The state death tax credit was phased out in 2001. <span style="mso-spacerun: yes">&nbsp;</span>In 2009, the state death taxes paid were allowable as a deduction from the federal estate tax base. <span style="mso-spacerun: yes">&nbsp;</span>It seems unlikely that any reform will re-enact the state death tax credit because this would shift federal tax dollars directly to the states. <span style="mso-spacerun: yes">&nbsp;</span>However, most of the prior attempts to reform the estate tax would have kept the deduction for state estate or inheritance tax paid by the estate.</span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none"><strong>Other Miscellaneous Reform Issues.</strong>&nbsp;<span style="mso-spacerun: yes">&nbsp;</span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">The Treasury generally is asked to produce items that are potential revenue raisers when reform is proposed. Hopefully, these items also coincide with goals of fairness and simplicity.&nbsp;It's worth mentioning a few changes that have been discussed by Congress.<span style="mso-spacerun: yes">&nbsp; </span></span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">First, family limited partnerships (FLPs) could be limited in providing valuation discounts for gift or estate tax purposes. <span style="mso-spacerun: yes">&nbsp;</span>The discussion has primarily focused on entities formed without any business activities where the entity holds only investment assets.</p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">A second possibility is requiring a minimum time period (e.g., 10 years) for grantor-retained annuity trusts (GRATs). <span style="mso-spacerun: yes">&nbsp;</span>Actuarial principles used to value the gift component of a GRAT combined with appropriate investment yield have resulted in transfer-tax free wealth transfers in some circumstances for short-term GRATs. <span style="mso-spacerun: yes">&nbsp;</span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">Finally, reform might place a greater compliance burden on an estate's personal representative for reporting income-tax basis to heirs who inherit property.</p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none"><strong>No New Reform Legislation.</strong>&nbsp;<span style="mso-spacerun: yes">&nbsp;</span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">This would seem to make the least sense.&nbsp;For deaths in 2010, there would be no estate taxation. <span style="mso-spacerun: yes">&nbsp;</span>However, the heirs would take property with a modified carryover basis. <span style="mso-spacerun: yes">&nbsp;</span>The executor is allowed to add $1.3 million to the basis of estate assets. <span style="mso-spacerun: yes">&nbsp;</span>An additional $3 million of basis can be added to the assets inherited by a surviving spouse. Certain assets, such as previously untaxed monies in retirement plans or IRAs, cannot receive any of the discretionary basis increase. <span style="mso-spacerun: yes">&nbsp;</span>Hence, the wealth transfer tax is replaced by a long-term capital gain tax (currently imposed at no greater than 15 percent) and the tax is only imposed when the estate or the heirs sell the property. <span style="mso-spacerun: yes">&nbsp;</span>The executor has the requirement to file a return, that has not yet been developed, to report the adjusted income-tax basis of estate assets to the IRS and the heirs. Under the current law, this carryover basis is gone after 2010 and, as we discussed above, the federal estate tax would return with rules from 2001. <span style="mso-spacerun: yes">&nbsp;</span>This would limit the estate exemption to $1 million and have a maximum rate of 55 percent (with an additional 5 percent surcharge to some large estates).Obviously, having a new tax compliance requirement in place for one-year only followed by a substantial estate-tax increase would seem to be politically infeasible. <span style="mso-spacerun: yes">&nbsp;</span>On the other hand, there have been greater surprises in the past.</span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none"><strong>Planning Implications</strong></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">It will be very important moving forward to stay abreast of the legislative proposals and be prepared to react. <span style="mso-spacerun: yes">&nbsp;</span>Professional advice is essential and it will be important to get this advice at the time any legislation appears headed to passage (or existing law seems certain due to inaction). <span style="mso-spacerun: yes">&nbsp;</span>The taxes that might be imposed on an estate are potentially enormous and mistakes cannot be cured in many instances. <span style="mso-spacerun: yes">&nbsp;</span>Here are a few pieces of advice we'd like to pass along:</p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt; mso-layout-grid-align: none; mso-fareast-font-family: Wingdings; mso-list: l0 level3 lfo1; tab-stops: list .25in; mso-bidi-font-family: Wingdings"><span style="mso-list: Ignore">Ï%<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Absent a deathbed scenario, do not rush to take action or unwind prior planning.</span></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt; mso-layout-grid-align: none; mso-fareast-font-family: Wingdings; mso-list: l0 level3 lfo1; tab-stops: list .25in; mso-bidi-font-family: Wingdings"><span style="mso-list: Ignore">Ï%<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Estate planning goals should be the same regardless of tax burdens. <span style="mso-spacerun: yes">&nbsp;</span>The dispositive goals should drive the plan and the estate owner should answer the "Who", "How", and "When" questions with the assistance of an advisory team. <span style="mso-spacerun: yes">&nbsp;</span>The tax minimization techniques should be applied only after the primary goals have been determined.</span></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt; mso-layout-grid-align: none; mso-fareast-font-family: Wingdings; mso-list: l0 level3 lfo1; tab-stops: list .25in; mso-bidi-font-family: Wingdings"><span style="mso-list: Ignore">Ï%<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Prior estate plans may be fine or may just require a small tune-up. <span style="mso-spacerun: yes">&nbsp;</span>A good estate plan should have been designed to be valid for the indefinite future. <span style="mso-spacerun: yes">&nbsp;</span>There may be great dispositive reasons to keep existing trust structures in place. <span style="mso-spacerun: yes">&nbsp;</span>Trusts are formed for many reasons other than taxes. <span style="mso-spacerun: yes">&nbsp;</span>Assets placed in irrevocable trusts, such as a life insurance policy, have investment and asset security value irrespective of the form of the wealth transfer tax.</span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt; mso-layout-grid-align: none">&nbsp;</p> <p style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; FONT-FAMILY: Wingdings; FONT-SIZE: 10pt; mso-layout-grid-align: none; mso-fareast-font-family: Wingdings; mso-list: l0 level3 lfo1; tab-stops: list .25in; mso-bidi-font-family: Wingdings"><span style="mso-list: Ignore">Ï%<span style="FONT: 7pt 'Times New Roman'">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </span></span><span style="FONT-FAMILY: Arial; FONT-SIZE: 10pt">Expect more change to taxation in the future. <span style="mso-spacerun: yes">&nbsp;</span>The previous version of the wealth transfer tax began over 30 years ago. <span style="mso-spacerun: yes">&nbsp;</span>It is unlikely with rapid shifts in the political climate and a large national debt that anything enacted this year will have the same stability.</span></p> <p style="MARGIN: 0in 0in 0pt; FONT-FAMILY: Arial; FONT-SIZE: 10pt">&nbsp;</p></font></td></tr></table> <table style="background-color:#000000;margin-bottom:5px;" bgcolor="#000000" border="0" width="100%" cellspacing="0" cellpadding="0"> <tr> <td height="1" rowspan="1" colspan="1" align="left" /> </tr> </table> <table style="background-color:#000000;margin-bottom:5px;" bgcolor="#000000" border="0" width="100%" cellspacing="0" cellpadding="0"> <tr> <td height="1" rowspan="1" colspan="1" align="left" /> </tr> </table><a TARGET="_BLANK" name="LETTER.BLOCK13" /><table Mclass="ArticleBorder" style="margin-bottom:5px;" width="100%" id="content_LETTER.BLOCK13" aria-posinset="0" aria-setsize="0" border="0" hidefocus="true" tabindex="0" cellspacing="0" cols="0" cellpadding="5" aria-level="0" contenteditable="inherit" datapagesize="0"> <tr> <td style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;" align="left"><font color="#000000" size="2" face="Arial,Helvetica,sans-serif" style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;"> <div style="color:#006633;font-family:Georgia,Times New Roman,Times,serif;font-size:14pt;" align="left"><font color="#006633" size="4" face="Georgia,Times New Roman,Times,serif" style="color:#006633;font-family:Georgia,Times New Roman,Times,serif;font-size:14pt;"><strong>The Greatest Compliment ...&nbsp; 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It is not intended to constitute individual legal advice to any specific client.&nbsp;</em></font></div></font></td></tr></table><table style="background-color:#000000;margin-bottom:5px;" bgcolor="#000000" border="0" width="100%" cellspacing="0" cellpadding="0"> <tr> <td height="1" rowspan="1" colspan="1" align="left" /> </tr> </table></td> </tr> <tr> <td valign="top" width="100%" rowspan="1" colspan="1" align="left"> <table style="margin-bottom:5px;" width="100%" id="content_LETTER.BLOCK9" aria-posinset="0" aria-setsize="0" border="0" hidefocus="true" tabindex="0" cellspacing="0" cols="0" cellpadding="5" aria-level="0" contenteditable="inherit" datapagesize="0"> <tr> <td style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;" align="left"><font color="#000000" size="2" face="Arial,Helvetica,sans-serif" style="color:#000000;font-family:Arial,Helvetica,sans-serif;font-size:10pt;"> <div> <div align="justify"><font color="#006633"><strong>About Morris Law Group</strong></font><br /><br /><font color="#006633">Morris Law Group is an estate, asset protection and business planning boutique law firm that practices exclusively in estate and gift tax planning, wills and trusts, business structuring and succession planning, asset protection, probate, planning techniques for highly compensated individuals, and national and international tax planning. Morris Law Group is dedicated to helping individuals and families preserve their wealth for future generations, maximizing inheritances and minimizing taxes. <br /><br />Morris Law Group has earned the trust and respect of its clients by educating them on technical aspects of the law in an understandable manner, and by providing the highest level of personal and discreet service. Morris Law Group proudly offers highly skilled legal counsel with a keen understanding of individual, family, and business needs. Morris Law Group has achieved an AV Peer Review Rating, the highest rating afforded, from Martindale-Hubbell. The firm has four offices strategically located throughout South Florida in Boca Raton, Aventura, Weston and West Palm Beach to provide convenient service to clients in Palm Beach, Broward and Dade counties and from across the country.<br /><br /><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fattorneys.html&id=preview" linktype="link" target="_blank">Read more about the Morris Law Group attorneys</a>. </font></div> <div>&nbsp;</div> <div><a TARGET="_BLANK" href="mailto:smorris@law-morris.com" target="_blank"><strong>Click here </strong></a><font color="#000000"><strong>to&nbsp;email&nbsp;Stuart R. Morris, Esq.</strong></font></div> <div><a TARGET="_BLANK" href="mailto:gbloshinsky@law-morris.com" target="_blank"><strong>Click here</strong></a><strong>&nbsp;<font color="#000000">to&nbsp;email&nbsp;Gregory S. 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Little,&nbsp;Esq.&nbsp;<br /></div></font></strong></div></div></font></td></tr></table> </td> </tr> </table> </td> <td style="background-color:#006633;width:150px;padding:5px;" bgcolor="#006633" valign="top" width="450" rowspan="1" colspan="1" align="left"> <table border="0" width="100%" cellspacing="1" cellpadding="0"> <tr> <td width="100%" rowspan="1" colspan="1" align="left"> <table style="margin-bottom:5px;" border="0" width="100%" cellspacing="1" cellpadding="5"> <tr> <td style="color:#FFCC66;font-family:Arial,Helvetica,sans-serif;font-size:12pt;" rowspan="1" colspan="1" align="left"><font color="#FFCC66" size="3" face="Arial,Helvetica,sans-serif" style="color:#FFCC66;font-family:Arial,Helvetica,sans-serif;font-size:12pt;"> <b>In This Issue</b> </font></td> </tr> <tr> <td rowspan="1" colspan="1" align="left"> <a style="color:#FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size:10pt;" shape="rect" href="#LETTER.BLOCK20"><font color="#FFFFFF" size="2" face="Arial,Helvetica,sans-serif" style="color:#FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size:10pt;">Tax Compliance for Offshore Planning and Non-U.S. Persons/Entities</font></a> </td> </tr><tr> <td rowspan="1" colspan="1" align="left"> <a style="color:#FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size:10pt;" shape="rect" href="#LETTER.BLOCK7"><font color="#FFFFFF" size="2" face="Arial,Helvetica,sans-serif" style="color:#FFFFFF;font-family:Arial,Helvetica,sans-serif;font-size:10pt;">Planning During and After the "Repeal" of the Estate Tax</font></a> </td> </tr> </table> <table style="margin-bottom:5px;" id="content_LETTER.BLOCK11" width="100%" border="0" hidefocus="true" tabindex="0" cellspacing="0" cols="0" cellpadding="10" contenteditable="inherit" datapagesize="0"> <tr> <td align="left"> <div style="FONT-SIZE: 10pt; COLOR: #000000; FONT-FAMILY: Times New Roman,Times,serif" color="#df42f0"><strong><font color="#ffcc66" size="3" face="Arial,Helvetica,sans-serif">Quick Links</font> <div><font color="#ffffff" face="Arial,Helvetica,sans-serif">&nbsp;</font></div></strong></div> <div><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2F&id=preview" linktype="link" target="_blank"><font color="#ffffff" size="2" face="Arial,Helvetica,sans-serif">Morris Law Group</font></a></div> <div>&nbsp;</div> <div><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fattorneys.html&id=preview" linktype="link" target="_blank"><font color="#ffffff" size="2" face="Arial,Helvetica,sans-serif">The Attorneys of Morris Law Group</font></a></div> <div>&nbsp;</div> <div><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.floridataxandestateplanning.com%2F&id=preview" linktype="link" target="_blank"><font color="#ffffff" size="2" face="Arial,Helvetica,sans-serif">Visit the Morris Law Group Blog</font></a><font size="2" face="Arial,Helvetica,sans-serif">&nbsp;</font></div> <div>&nbsp;</div> <div><a TARGET="_BLANK" track="on" href="http://r20.rs6.net/tn.jsp?t=zxmxqidab.0.0.5hbhxvbab.0&p=http%3A%2F%2Fwww.law-morris.com%2Fofficelocations.html&id=preview" linktype="link" target="_blank"><font color="#ffffff" size="2" face="Arial,Helvetica,sans-serif">Office Locations</font></a></div></td></tr></table> </td> </tr> </table> </td> </tr> </table> </td> </tr> <tr> <td height="10" width="100%" rowspan="1" colspan="1" align="left"> </td> </tr> </table> </td> </tr> </table> </div> <div style="font-family:verdana,arial;font-size:8pt;color:#000000;background-color:#ffffff;padding-top: 20px;" align="left" id="LETTER.PHYSICALADDRESS"><font style="font-family:verdana,arial;font-size:8pt;color:#000000;" color="#000000" size="1" face="verdana,arial">Morris Law Group | 7000 W. 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