How Do You Spell “Relief”? The Answer May Depend

Two articles share the Millennium Series spotlight in this month’s annual High-Net-Worth issue, both of them focusing on the Economic Growth and Tax Relief Reconciliation Act of 2001. One article focuses on the Act’s corporate and income tax provisions; the other article focuses on estate planning issues.

Sorting out the implications of the new tax law has kept many people busy, and their work is far from done. To add to the planning challenge, prudence requires that taxpayers make firm choices based on the future provisions of the new law, even though the prevailing wisdom is that Congress will change many of those provisions (e.g., the Act’s sunset mechanisms) before they can take effect. Wise planners will shoot at the proverbial target before it moves—and keep some extra ammunition handy. q

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