In Tennessee, a Court may appoint a Conservator for a person who lacks mental capacity to handle his / her own affairs. But what exactly does a Conservator DO and what are the responsibilities of the job?
In Our Judgment
No one can predict the future, but it appears likely that we’ll see some major changes the federal estate tax law following President-elect Trump’s inauguration on January 20th. A repeal of the federal estate tax has been discussed, along with what I’ll call an alternative system whereby certain unrealized capital gains are taxed at death. Another possibility (especially if the federal estate tax were to be repealed) would be a renewal of the “carryover cost basis” rules that were temporarily in place in 2010, or in other words, no more step-up in basis at death. While it is good to be prepared for anticipated revisions in the laws, I would not suggest making any changes to your estate plan for estate tax planning purposes until we know for sure what legislation may get passed and/or repealed later in 2017.