Many of my clients have heard me quip about how Bill Gates and Warren Buffett should be worried beginning New Year’s Day, 2010 because of the large target that Congress has placed squarely upon their backs. Now, to be honest, there is most likely no actual, physical threat to their lives because they have probably done appropriate estate planning. But this quip helps me to illustrate a point about Estate Taxes. On New Year’s Day 2010 – unless something happens within the next few weeks over in Washington D.C. – the Estate Tax or “Death Tax” will go away in a puff of smoke. In other words, as the laws currently stand, any one individual who dies in 2010 owning over $3.5 million worth of property will not have to pay Uncle Sam 1 red cent in estate taxes.
For the sake of illustration, let’s assume that Mr. Gates died “intestate” (i.e. without any wills or trusts in place) and that he wasn’t married.
The Ohio Supreme Court 
I am frequently asked by friends and neighbors the following question: "Do I really need an estate plan? I'm not a Rockefeller, after all." My typical response is: "You already have an estate plan. You just need to study it and decide if you're comfortable with it."
I often have clients ask me to include some language in a Will or Trust instrument that threatens their kids with disinheritance if any of them start a fight over the Will or Trust. Such language is commonly known as "penalty," "no-contest," or "in terrorem" clauses. I'm always willing to do so as long as my clients understand the probable outcome of any attempt to enforce such a provision.
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