The 2010 Planning for the Generations Symposium Opens in Chicago With Focus on the Estate Tax

CHICAGO, Aug. 11 /PRNewswire/ -- Chicago Hilton Hotel -- WealthCounsel, the Advisors Forum, and ElderCounsel joined together again this year in hosting the Planning for the Generations Symposium in Chicago. More than 400 estate planning attorneys, elder law practitioners, and financial professionals gathered to explore solutions to today's most challenging estate planning and elder law issues while earning continuing education credits and networking with colleagues.

The morning session opened with a presentation by WealthCounsel principals Lewis Dymond, Jr., J.D. and Thomas Ray, Jr., J.D. on how to plan for the return to the federal estate tax. With only four months remaining in 2010 and still no action by Congress, attorneys are uncertain what techniques should be avoided or delayed and how to plan for the estates of those who have died in 2010.

"As we plan for the remainder of 2010 and without knowing whether or not Congress will simply let the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) expire, we need to draft flexibility into our planning to deal with the continued uncertainty," said Dymond. "With the likely return of the estate tax to a $1 million exemption per person, tax-motivated planning will become important for a much higher percentage of our clients," Dymond stated.

WealthCounsel CEO Matt McClintock pointed to a recent article published in The Fiscal Times entitled "The Estate Tax: Can George Steinbrenner Change the Debate?" which reported that two-thirds of Americans believe the estate tax should be repealed. "But what many don't realize is that for all but the truly wealthy, the estate tax is totally avoidable," said McClintock. "Even basic estate planning can help approximately 98 percent of all American families pass their estate to children or other loved ones without paying estate tax," said McClintock.

McClintock noted that "Americans are taxed at every turn. From income tax to property tax, excise tax to sales tax, gift tax, capital gains tax, estate tax, and generation-skipping transfer tax – the government has its hand in our pockets every day. The issue of estate tax reform is a feel good issue for candidates to rouse supporters, but if we want serious tax reform Congress should look at the whole system because since 2001 the estate tax has been easily avoidable with even basic estate planning," stated McClintock.

About WealthCounsel

WealthCounsel, LLC is headquartered in Madison WI. As the creator of the WealthDocx automated drafting system, WealthCounsel helps estate planning attorneys transform their practices through greater drafting efficiency and increased profitability. When combined with WealthCounsel's relevant education curriculum and practice-building resources, the WealthDocx estate planning software enables attorneys to practice with unparalleled accuracy, mastery and efficiency. WealthCounsel shares ownership in ElderCounsel, LLC, and The Advisors Forum, LLC. For more information, visit www.wealthcounsel.com and www.planning4generations.com .

SOURCE WealthCounsel