Simon Insurance & Investment

Nothing has happened, that is the problem. The House passed a bill in early December 09 that would have offered a patch for the 2010 estate tax dropping to zero, preserving the $3. 5 million exemption, the 45% rate and the stepped-up basis. This patch would have given congress another year to work out a permanent solution. But, they couldn't agree on a bill, so nothing has happened. Barring unexpected moves, the estate tax and generation skipping taxes (but not the gift tax) will be gone in 2010, with a scheduled reappearance January 1, 2011.