There is one area that folks might want to review if they have sizable estates. This is the year to make gifts to grandchildren because there is no GST tax. Thus, if there are sufficient other assets available to grandma, she might want to consider making an outright gift of $1,000,000 in Trust to the grandchildren. Such a trust could be tied up until they reach a ripe age like 40 or 50 and have had their first divorce, etc. And the Trust could grow. Assume that it is invested for growth and an annual growth rate of 5%. In 20 years that Trust would have doubled in value. In 30 years the Trust would be worth almost $4 Million (not a bad nest egg for middle age). At 10% the numbers are even more compelling. And if Grandma is worth like $100 Million, it might be the year to consider paying some 35% gift tax money to fund a generation skipping Trust. After all in two years the rates could be 55%. The trade-off is that there is no step-up in basis. On the other hand if you use cash or high basis stocks for the gift, its not too bad a deal. Additionally, if there is a trust with a life estate which has a deferred GST due to a taxable termination or distribution, 2010 is the year to end that life estate either through disclaimer or other means. We have two weeks.