Lawyers and Accountants Expect Windfall From Estate Tax Repeal
New York Times (06/14/01) Vol. 24, No. 6 p.C1; Johnston, David Cay

New estate tax laws are expected to drum up more business for attorneys and accountants of wealthy Americans. Accounting experts and lawyers say people with a net worth of $500,000 or more and who drafted an estate plan under the old estate tax law will have to pay to have the plans revised to line up with the new regulations. Experts warn that not doing so could leave people with a huge tax bill. Most attorneys agree that full repeal of the estate tax will not occur, but they also reiterate the importance of people of means covering themselves and having wills that plan for both the possibility of a permanent repeal and the prospect that the repeal will never occur. In any event, tax litigators say the new estate tax laws could keep attorneys and accountants mediating disputes over which heirs receive tax-free property and which receive tax bills under the laws for decades.

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