The Death (for the moment) of the Federal Estate Tax

The Congress has failed in its attempts to extend the federal estate tax for deaths in 2010.   That means that the estate tax (and the generation-skipping transfer tax (GSTT)) does not exist for deaths in 2010.  Federal gift tax stays in place, but at a flat 35 percent rate and a maximum exclusion of $1 million. 

The expiration of the estate tax has significant implications for practitioners and their clients, and may provide some planning opportunities.