Currently, there is no estate or generation-skipping transfer (GST) tax for 2010, but both taxes are scheduled to be reinstated in 2011, with a $1 million estate tax exemption, a GST tax exemption of about $1,340,000, and a top rate of 55%. The federal gift tax, however, remains in effect for 2010, with a $1 million lifetime exemption and a top rate of 35%. Of course, it’s still possible that we’ll see legislative action in the next few months. For example, Congress could extend 2009 rates and exemption amounts (the result would be a $3.5 million exemption amount for both estate and GST taxes and a top rate of 45%). It’s impossible to predict specific action, however, or whether any such action will be applied retroactively to 2010.