It is impossible to know what Congress will do with the Estate & Gift Tax laws for years 2010 and beyond.
I am concerned that if a person dies in 2010 before Congress acts. If your documents provide that all of your property in excess of the maximum exemption equivalent passes to your spouse, there could be a period of time in 2010 when all of a deceased spouse's property passes to his or her spouse. Then, if Congress brings back the federal death tax, the first spouse's exemption might be wasted!
SOLUTION: Amend your documents to protect your family.
Watch my Tax News. I will try to post regular updates!
