Estate & Gift Taxes

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:  I am attending the Heckerling Institute January 25-30, 2010.  I hope to learn if there are any proposed solutions to this problem. 

In the meantime, a family might consider an amendment to their documents that would remain in place until Congress acts.