The estate tax is officially repealed effective January 1, 2010. Unless new legislation is passed, the repeal will last for all of 2010. Then the current law will revert back to a $1 million exemption for 2011. This creates uncertainty for estate planning and some potential land mines for those subject to the tax.
To further complicate matters, many states, including Illinois, have not repealed estate taxes. They have de-coupled their tax, which also creates planning challenges.
The bottom line is that paying close attention to your estate plan is now more important than ever. If you already have a plan in place, it may be wise to sit down with your estate planner to review and possibly revise your plan. If you have no planning in place, uncertainties in the law make this an opportune time to establish a relationship with an estate planning lawyer and get yourself covered.
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