I don’t mean this politically, but the federal government never seems to disappoint. It does not matter whether you are a Republican or Democrat, you often just want the government to stop arguing and do something. When there is a problem, you want action, not political posturing. The only thing worse than posturing is when elected leaders take a vacation instead of handling a looming problem.
There is a big looming problem on the horizon. Unless the law is changed, at the beginning of next year, the estate tax exemption will be reduced to $1 million dollars. That’s going to create problems for a lot of American families, especially those with family farms and family businesses. So, what is Congress doing to address this problem? Nothing. Congress is in recess until after the November elections. Senators are even making statements that they do not expect any action after the elections. The sides are too far apart to reach a needed compromise.
This means that you need to see an estate planning attorney. You cannot wait for Congress to act. They are telling you they won’t. Make sure that you have made your plans accordingly.