The law Congress and President Obama created near the end of 2010 gives clarity to the estate tax issue, but only for two years. The law the President signed on December 17, 2010 went into effect January 1, 2011 and sunsets on December 31, 2012. What this means is the new tax law will only affect the estates of those people who die between January 1, 2011 and December 31, 2012. How will an estate be taxed for someone who dies after December 31, 2012? At this point, it is anyone’s guess. The answer lies wherever the political and economic winds blow the Congress and the President.