The Current State of Affairs – Federal Estate Tax
The federal estate tax has been repealed for 2010. While everyone expects Congress to take action before this year is over, if it does not, there will be no federal estate tax or generation-skipping transfer tax on the estate of any individual who dies in 2010. The federal gift tax remains generally unchanged, although the maximum rate decreases from 45% to 35%.
This period of uncertainty may be the opportune time for you to review your estate planning documents with your legal counsel.