Estate Tax Rates Likely to Remain Unchanged for 2010.

The Wall Street Journal recently reported that a temporary fix to the Estate Tax repeal may result in the 2009 rates of a $3.5 million exemption and 45% top rate being extended through 2010. Under current law, the Estate Tax would be repealed for all of 2010 and then revert to a $1 million dollar threshold in 2011 with a top rate of 55%. According to Warren Baker, a partner in the firm who advises clients on tax and estate planning matters, it "will be important for people to review their estate plans in light of the estate tax exemptions to ensure their exposure to the estate tax is minimized."