Can you gift to both a son and a daughter in law - gifting for estate planning

Historically the reason gifting was common to reduce the size of an estate.

However, in 2010 Congress is set to eliminate the estate tax entirely. That means it doesn't matter how much you have in the estate, it would pass "Estate tax free" to the next generation.

However, with The Estate Process eliminated, we would also lose "Step up in basis" which is really where Congress is going to get a whole lot more tax revenue. This is the shock that the "middle class" will experience once they get done chanting "Kill the Estate tax".

Traditional Estate Tax planning is ineffective now.