With the strong likelihood that the federal estate tax will not be repealed at the end of 2009,1 and that the tax will almost certainly survive into 2010 and beyond, attention is being refocused on ways to manage federal estate tax liability in larger estates.2 The level of the applicable exclusion amount3 which is expected to be in effect for 2010 and beyond means that the federal estate tax is unlikely to affect most farm and ranch operations.