This year has been notable particularly for its absence of federal estate and generation-skipping transfer (GST) taxes, as well as uncertainty as to what will happen with the federal transfer tax regime in 2011. Further confusion is caused by the one-year lack of a step-up in basis for assets held by individuals who die in 2010. Numerous questions have arisen as to how to address estate planning and estate administration this year. However, the apparent one-year “hiatus” has also created significant planning advantages.

Against this backdrop of uncertainty as to the federal transfer tax system, there have been certain important changes affecting estate planning and related areas on the local, national and international levels. The Trusts and Estates Practice at Katten Muchin Rosenman LLP is pleased to provide you with a summary of some of the most significant developments that have occurred over the past 12 months, along with important time-sensitive recommendations for you to consider for planning before year-end.