2010: A Year Without Estate Tax? What Clients Should Consider as a Result of Recent Congressional Inaction
By Renee M. Gabbard and Megan S. Genovese
An event that many estate planning professionals thought was unlikely to occur has become a reality. Congress has failed to pass new legislation addressing a one year gap in the application of estate and generation skipping transfer (GST) taxes for the calendar year of 2010 creating a difficult and uncertain situation for estate planning. This Paul Hastings client alert focuses on the uncertainty created by current congressional inaction with respect to the estate and GST tax and the impact of such uncertainty on current estate plans.