Unless the lame duck Congress enacts new legislation on January 1, 2011, the Federal estate tax will revert back to what it was almost 10 years ago. What that means is that the estate of a person dying on or after January 1, 2011 will have to pay 55% of every dollar over $1 million to Uncle Sam. We are monitoring this situation closely and will be notifying our estate planning clients as soon as we have additional information.

Something you could do now would be to start putting together a financial statement (your assets minus your liabilities) to see if your spouse and children would be affected by this.