One can never tell whether or what form tax legislation will take until the legislative process is complete, but keeping up with the latest developments can help avoid surprises. In regard to U.S. estate tax reform, the latest action and hopes for reform are focused on an effort to pass legislation this session that would provide for a five year extension of the 2009 estate tax rates and exemptions. In 2009, the maximum estate tax rate (under current law) will be 45%, with a $3.5 million unified credit amount.
Without any legislative change, there would be no federal estate tax imposed in 2010, and then rates and credit amounts would return to a 55% maximum rate and a $1 million unified credit amount.
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