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Estate Tax Code: A fundamental law for estate tax attorneys is understanding the relevant sections of the tax code that govern estate taxation, such as the Internal Revenue Code Title 26.
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Unified Credit: Familiarity with the unified credit system is crucial, as it determines the amount that can be passed on tax-free, impacting estate planning strategies.
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Generation-Skipping Transfer Tax (GST): Estate tax attorneys must be well-versed in the GST tax, which applies to transfers skipping a generation, requiring careful planning to minimize tax implications.
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Marital Deduction Rules: Understanding the intricacies of the marital deduction rules is essential for attorneys, as they play a significant role in planning for couples and spousal transfers.
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State-Specific Regulations: In addition to federal laws, estate tax attorneys need to be knowledgeable about state-specific estate tax regulations, as these can vary widely and affect overall tax liability.
