An Indecisive Congress on Federal Estate Tax

As the old adage goes, there are two things for certain, you will die and you will pay taxes. For decades this statement has remained true, but in 2010, one of these is far from conclusive. Why the uncertainty swirling around paying estate taxes?

Most advisors thought that Congress would extend the estate tax law before it was due to expire at the end of last year. But while the House did act, the Senate did not. So… what few predicted would happen, did…the tax is gone for a year but is expected to be revised in 2011 at a higher rate and a lower exemption.

At this point many suggestions have been made from keeping it the same and making it retroactive to changing it completely. No one knows what Congress will eventually do, but as we wait patiently, we must be smart and continue to plan for our futures.

As Benjamin Franklin said, “Time is Money”. Time is of the essence when talking estate planning even under this kind of uncertainty. Regardless of your estate’s size, it would be wise to seek the advice of an experienced estate planning attorney who can help you sort through your options.