A variety of estate and gift tax proposals have been introduced in the new Congress. It seems virtually certain that something will pass this year in order to prevent the currently scheduled elimination of the estate tax for the year 2010. The proposals to date have generally provided exemption amounts between $2.0 million and $3.5 million and maximum rates between 35% and 45%. The fates of the $1,000,000 gift tax exemption and the step-up in basis remain uncertain. We will notify you as soon as new law is enacted.