CCH Books Help Professionals, General Public Understand Estate Tax "repeal"

(RIVERWOODS, ILL., August 21, 2001) – Is the estate tax dead, dying or just playing possum? That is the question that many people of means and their financial advisors will have to think about in the wake of the recently passed Economic Growth and Tax Relief Reconciliation Act of 2001, according to CCH INCORPORATED (CCH), a leading provider of tax law information and software (http//tax.cchgroup.com). To help both the general public and the professional community understand and cope with the changes, CCH has published two helpful new titles: Estate Planning Under the New Law: What You Need to Know (32 pages, single copy price $7; quantity discounts available) and Estate Planning Strategies After Estate Tax Reform: Insights and Analysis (168 pages, $45. To order or for more information on either title, call 1-800-248-3248 or visit http://tax.cchgroup.com/onlinestore.)

Estate Planning Under the New Law: What You Need to Know is an executive summary of the important points in the new Act written in non-technical language. It points out opportunities and pitfalls to those whose estate and financial plans might be affected by the latest legislation. It is also the perfect vehicle for planning professionals to give to their clients as an introduction to the new law and a starting point for informed dialogue about its implications.

Estate Planning Strategies After Estate Tax Reform: Insights and Analysis, by the Estate Planning Department of Schiff Hardin & Waite, Chicago; Coordinating Editors: Charles D. "Skip" Fox IV and Thomas W. Abendroth. This book is a concise, practical reference on new estate planning strategies in light of estate tax reform written for tax and wealth planning professionals.

"Many newscasts said that the Act ‘repeals’ the estate tax, but the actual provisions of the new law regarding estate, gift and generation-skipping taxes are complex and phase in over many years," said Renee Coon, marketing manager for the CCH Federal and State Tax Group. "It’s important for laypersons and professionals alike to understand what the law really does and what it means in practical terms. That’s why we are bringing out these two books."

Guide for the General Public

Estate Planning Under the New Law: What You Need to Know is written for the layperson who wants to understand the main features of the new law. It explains why estate planning takes on added importance because of the 2001 Act, highlights the new estate and gift tax changes, points out major planning traps hiding in the new law and evaluates tried-and-true techniques in light of the new rules.

The booklet also points out that estate planning includes how people arrange their finances as they prepare for and enjoy retirement. It discusses the added opportunities available for retirement savings brought about by the Act and shows the interaction between retirement plans and estate planning.

"Many planners will find this booklet to be a great way to alert their clients to the changes in the new law and the need to take a fresh look at their plans," Coon said. "With that in mind, we’ve made it especially attractive for professionals to purchase it in large quantities with the added option that firms can have their names printed on the booklet’s front cover."

Professionals Must Reexamine Strategies

Estate Planning Strategies After Estate Tax Reform: Insights and Analysis is a concise but thorough reference on new estate planning strategies in light of the new estate tax changes. It clearly demonstrates how the legislation affects planning strategies, both during the period in which the taxes are phased out and after the phase out.

Concisely written, it is relevant for all tax and wealth planning professionals – attorneys, accountants, fiduciaries, insurance agents, family office managers, bank trust departments or other professionals active in the estate planning field.

Using numerous examples, Estate Planning Strategies After Estate Tax Reform explains how the new law works, what new planning opportunities are available for clients and customers and what planning techniques are rendered unnecessary or potentially harmful by the new law. It also points out areas in which the new law is unclear or in need of clarification or technical amendments.

Among the important topics covered in this new practical guide are:

The continued need for estate planning

Techniques that should be used and those that should not be used

Planning during the phase-out period, including planning under the possible loss of state death tax credit and QFOBI deduction

Planning after full repeal, including planning for possible reintroduction of estate tax

Planning scenarios for different taxpayers, e.g., clients not expected to survive until full repeal

Capital gains tax and dealing with the complexities of carryover basis

Planning in light of retirement plan and IRA provisions changes

Charitable planning

Continued use of trusts for asset management and protection

Use of trusts for income tax planning and avoiding gift tax

Dynasty trusts

Joint trusts

The impact of repeal on the many types of professionals involved in estate planning, such as attorneys, accountants, insurance agents, financial planners, bank trust departments and charities

"Anyone involved with wealth and estate planning will not want to miss this opportunity to get up to speed on what the new law contains and what it means for their clients over the upcoming decade," Coon said.

About the Authors

The principal co-authors of Estate Planning Strategies After Estate Tax Reform are Charles D. "Skip" Fox IV and Thomas W. Abendroth, of the law firm Schiff Hardin & Waite in Chicago.

Charles D. "Skip" Fox IV is a partner and trust attorney with Schiff Hardin & Waite. He also teaches at Northwestern University School of Law in Chicago as an adjunct professor, and at the National Trust and National Graduate Trust Schools of the American Bankers Association. He is the author of numerous articles, writing a bimonthly column for Trusts & Investments, as well as serving on its editorial board. He has also authored Estate Planning with Life Insurance, a volume in the CCH Solutions for Financial Planning Internet library, and co-authored the Tax Law Guide and the Fiduciary Law and Trust Activities Guide for the American Bankers Association.

Thomas W. Abendroth is a partner and trust attorney with Schiff Hardin & Waite. He is the author and co-author of numerous articles for Trusts & Estates, as well as a member of the editorial advisory board for Trusts & Investments. He also co-authored the Tax Law Guide and Fiduciary Law and Trust Activities Guide for the American Bankers Association and the two-volume treatise Illinois Estate Planning, Will Drafting and Estate Administration Forms–Practice.

Pricing and Availability

For more information or to purchase either the 32-page Estate Planning Under the New Law: What You Need to Know or the 168-page Estate Planning Strategies After Estate Tax Reform: Insights and Analysis, call 1-800-248-3248 or visit http://tax.cchgroup.com/onlinestore. Single copy price of Estate Planning Under the New Law: What You Need to Know is $7; single copy price of Estate Planning Strategies After Estate Tax Reform: Insights and Analysis is $45. Volume discounts and school adoption pricing are available.

About CCH INCORPORATED

CCH INCORPORATED, headquartered in Riverwoods, Ill., was founded in 1913 and has served four generations of business professionals and their clients. The company produces more than 700 electronic and print products for the tax, legal, securities, human resources, health care and small business markets. CCH is a wholly owned subsidiary of Wolters Kluwer North America. The CCH web site can be accessed at www.cch.com. The CCH Federal and State Tax Group web site can be accessed at http://tax.cchgroup.com.

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