With the new estate tax rules that have ben recently passed the estate planning world is waving goodbye to one acronym and welcoming in a few more.  Good by to EGTRRA, which was the Economic Growth Tax Relief Reconciliation Act that was signed into law by George W. Bush in 2001.

Now we have TRUIRJCA, TRA, and DSUEA.

TRUIRJCA stands for the Tax Relief Unemployment Insurance Reauthorization and Job Creation Act.  This is the official name of the temporary Federal Estate Tax law that for two years extends and modifies the Bush era tax cuts.

The next key acronym is TRA, which some are using as an abbreviation for TRUIRJCA.  TRA stands for Tax Relief Act.  Julie Garber who wrote a blog post TRUIRJCA, TRA, and DSUEA-New Estate Planning Acronyms You Need to Know Now, much prefers TRA over TRUIRJCA.

The last key acronym is DSUEA, which stands for Deceased Spouse’s Unused Exemption Amount.  This acronym refers to the new portability concept included in the new rules.

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There was a great estate planning article I stumbled across thanks to another Michigan estate planning lawyer colleague of mine. CNNMoney.com has an informative article on the Top Things to Know regarding estate planning.

As a Michigan estate planning attorney, it is good to see some attention called to the need for estate planning.  The list of the things to know include:

1. No matter your net worth, it’s important to have a basic estate plan in place;
2. An estate plan has several elements;
3. Taking inventory of your assets is a good place to start;
4. Everybody needs a will;
5. Trusts aren’t just for the wealth;
6. Discussing your estate plans with your heirs may prevent disputes or confusion;
7. The Federal Estate Tax exemption–the amount you may leave to heirs free of federal tax–changes regularly;
8. You may leave an unlimited amount of money to your spouse tax-free, but this isn’t always the best tactic.
9. There are two easy ways to give gifts tax-free and reduce your estate
10. There are ways to giver charitable gifts that keep on giving.

You can read the details of this top ten list at Top things to know.

Special thanks to Michael Lictherman for calling attention to the article.

As Michigan estate planning attorneys, we help our clients use, preserve, protect and transfer their wealth responsibly, to provide for themselves, their children and to perpetuate their goals, dreams and values for future generations.

Attorney Christopher J. Berry is a Metro Detroit estate planning and elder law lawyer who helps families, seniors, veterans and business owners with their important legal needs. Oakland County estate planning lawyer, Christopher Berry is a partner in the Bloomfield Hills law firm of Witzke Berry PLLC. Mr. Berry practices in the areas of estate planning, business, probate, veterans benefits & Medicaid planning.