Well, the House Passed an Estate Tax measure to deal with the issue of the impending end of the Estate Tax (for one year!). But, the Senate hasn’t acted yet, and they only have 15 days left. Some reports said the Senate would attach the issue to a spending bill. Now that appears unlikely. No one really knows what will happen. The IRS isn’t ready for this, and everyone’s Estate Tax Planning will be up in the air for the foreseeable future! Thanks a lot Members of Congress.
Here’s a blog entry about it from another Lawyer.
Estate Tax – Repeal and Retroactive Reinstatement Now Seem Likely