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摘要

The December tax-law overhaul was a godsend to folks with nice-size estates. It raised the federal estate tax exemption to $5 million per person ($10 million for married couples), which simplified planning for most families. But get out the handkerchiefs-the law has been hell for estate tax lawyers. They're watching their business shrink as clients no longer need them to prepare complicated estate-planning tools and strategies. A March survey by the American College of Trust & Estate Counsel found that the vast majority of these lawyers said they represent clients who became nontaxable in December 2010. Only 20% of the members get 50% or more of their revenue from clients with a net worth of $5 million or more.