This will be a very short post. I would like to say that I have confidence that the legislature will take care of business by the end of the year and we will have a freeze on the previous estate tax exemption, that being $3.5 million per person, with all the same taxes and regulations as were in force in 2009. I would like to say that the legislature has a long-range plan to address the ambiguity and uncertainty they left us with when they failed to pass any substantive law relating to estate taxes.
Every now and then, an "expert" or "political analyst" will prognosticate on the future of the Federal Estate Tax, but there is no confidence in their writing. These prognosticators are always sure to include this caveat, or that disclaimer, because while they might think they have some insight, they really might as well be throwing darts at a donkey's hind-end.
The sad fact is that we will likely watch the legislature do nothing substantive with estate tax reform and EGTRRA will be left to sunset to the preordained 2011 rates and ceilings. I would list those rates and ceilings, but I have no confidence in the legislature whatsoever and might find myself waking-up tomorrow with something totally new and different.
Stay Tuned.............
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