GREG KAPP introduced Thomas Parent, partner with Stuart & Branigin Law 
Firm, whose topic was "Recent Developments in Estate Planning and Some Mistakes to Avoid". Mr. Parent believes there is evidence that estate taxes go back to Egyptian times. In 2001, Congress set the Estate Tax Exemption at $675,000 with a top Estate Tax RATE of 55%. Beginning in 2011, the exemption amount increased to $5M; the exemption became portable between spouses; and the top tax rate decreased to 35%. These provisions expire after 2012. In 2013 the exemption amount will return to $1M and the estate tax rate will return to 55%. These changes mean your old CST (credit shelter trust) plan may not be desirable; you may be able to eliminate CST and/or consider disclaimer-activated CST. Some mistakes made are improper beneficiary designations and unanticipated Income Tax ramifications. Specific bequests can create problems when estate has grown or shrunk. POA (powers of attorney) does not mean that he/she can do what they want with your money. The POA has a duty of care and a loyalty/fiduciary responsibility. Verbal promises or instructions and documents that leave all to one individual to take care of others could lead to unintended consequences. Remember: DOCUMENTS RULE. Several good questions were addressed.
