Get it done, George. The estate tax is an absurdity.
Preach It Brother !!!!!!!
If the estate tax is finally eliminated, the current thinking (applicable to persons dying in 2010 only for the time being)is that $1.3 million in selected assets get a step-up in capital basis. The remainder of the estate does NOT get a step-up.
Simply put, this means that if you inherit grandpa's stocks or his business, and you later sell the asset, you pay capital gains taxes on all gains based on grandpa's capital basis. This is a nightmare waiting to happen.
Moral: don't wish for the end of estate tax until you are sure that a new nightmare is not waiting in the wings.