This year, it will be extremely important for everyone to review their estate plan. The substantial drop in both the financial market and the housing market as well as the increase in certain federal estate tax credits and exemptions may significantly impact your current estate plan.

FEDERAL ESTATE AND GIFT TAX AMOUNTS.

      A. Federal Estate Tax Applicable Exclusion Amount\Tax Rate

      The Federal estate tax applicable exclusion amount for 2009 is $3,500,000 which is substantially in excess of last year’s $2,000,000 amount. For individuals dying in 2009, the top estate tax rate is forty-five