Only 117 days left until the Federal Estate Tax is scheduled to return on January 1, 2010. The unified credit exemption amount for estates and gifts will again be $1 million total, with a top tax rate of 55%.
Given that the top tax rate for taxable gifts in 2010 is 35%, making taxable gifts in 2010 might make sense if congress does not act by year's end. However, you should check with your attorney or tax adviser before taking any action.
