Up in the air – With the estate tax in flux, do you know what your estate plan says?
Abstract: There’s been a great deal of estate tax law uncertainty lately. A temporary repeal of the estate tax took effect in January, but it’s scheduled to return in 2011 unless Congress acts. Unless and until this happens, it’s important for individuals to review their estate plan both today and after President Obama signs estate tax legislation into law. Otherwise, one’s estate plan may have undesirable consequences, such as loved ones incurring unnecessary tax liability.