The Economic Growth and Tax Relief Reconciliation Act of 2001, signed into law by President Bush on June 7, 2001, could fundamentally change the way wealth passes from one generation to another. But then again it may not change anything at all.
According to Stephen Leimberg, author of Tools and Techniques of Estate Planning and a recognized authority on the subject, the new law doesn’t impact whatever estate planning you’ve done. “It’s business as usual,” he says. Confused? You’re not alone.