amount equal to the credit allowed on the federal return or a general state tax assumption based on a formula. Unfortunately New York levies a tax considerably in excess of the federal allowance, consequently we had to alter the default to the general assumption. Fortunately changing the defaults resulted in a change of the disk data. The new values became the defaults and did not have to be reentered.
The resulting projections of estate tax are presented with values calculated using six different assumptions. These assumptions range from a simple will to a calculated optimum marital deduction formula and bypass trust. Because of screen size limitations, all calculations cannot be presented at once on the monitor screen. However using the 132 character width of the printer, you could prepare a complete comparative analysis of all alternatives.
The printing program allows control over such factors as page number, top of form and a selection of a fancy report title page. The printing program also displays our firm's logo on each page. The printing menu allows reentry of variables if you should notice an error or require a different set of assumptions. If desired, you can switch the dates of death of the client and spouse and print a new schedule.
The program and the resulting reports are intended for the professional estate planner. Therefore, if data is inserted without expert knowledge, the resulting reports will be of little use and could prove misleading. Beard indicates that a first-time user should test the system by entering known data and comparing previously prepared projections to the system's output reports. This procedure, always wise when using a new system, is especially valuable in this case since understanding assumptions and system defaults is vital to proper use.
The ERTA tax act of 1981 constitutes a revolutionary change in taxing philosophy concerning the transfer of wealth. By means of memoranda and seminars we alert our saff and clients to the opportunities created by this new legislation. Software such as the EPM system will greatly simplify this task.!»
Quality Percom products are available from the following authorized Percom retailers. If a retailer is not listed for your area, call Percom toll free at 1-800-527-1222 for the address of a nearby retailer, or to order directly from Percom.
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