What’s Next for Estate Taxes?
With healthcare, energy, and the financial markets occupying most of Congress’ attention, the estate tax has taken a backseat, but expect that to change this fall. Barring legislative action, the estate tax will go away in 2010 and return in 2011 for estates valued at greater than $1 million. Lawmakers will not allow a repeal of the estate tax, not even for a single year, and so we expect action to be taken on the estate tax issue very soon.