Accountants should make clients understand that the 2009 federal exemption for estate tax is the highest in history, specialists said at a recent webinar sponsored in part by the AICPA Personal Financial Planning team. Accountants should also point out that estate-related tax benefits for clients and their heirs from declining asset values have become most important. Some proposed changes in tax law, such as the reunification of estate and gift taxes, and the elimination of discounts on passive assets such as family limited partnerships, are seen as important to note.

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