Today it was reported that the US House of Representatives voted to permanently extend the estate tax rate of up to 45% for some estates. The estate tax is set to expire in 2010 under President Bush's 2001 estate tax changes. In order to extend the tax, the Senate must still pass a bill, reconcile with the House and be signed by the President by the end of the year or the tax will go away for 2010. While no one knows what changes will be made it is clear that this area will remain volatile as Congress continues to make changes to this tax every year or two.
With all the uncertainty and changes in this law it is all the more important to have an attorney that keeps your estate plan current as the laws change. An estate plan that may work well when it is drafted needs to be reviewed annually or at least every few years to ensure it will work as designed.
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