The Forest Landowner Association provides this opportunity for questions about income and estate and gift tax issues affecting your timberland. Treat the answers as educational advice for improving your understanding of the tax law and for enhancing communication with your attorney or tax advisor. Your advisors are familiar with the facts and circumstances in your specific case and can provide tax and legal advice as appropriate. All questions are edited to protect your privacy. In 2001, Congress passed the Tax Act, which dramatically changed estate tax laws affecting the transfer of wealth at death. Rather than planning for my retirement, I have gambled on the estate tax law being repealed; however, I have recently encountered some health issues that have caused me to reconsider the situation for the family. How will the current Federal estate tax law affect us with no plan in place?
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