Less than 30 days and counting to the fiscal cliff – the economic calamity that will result if the President and Congress can’t reach agreement on taxes, spending cuts and a budget. In the estate world, it means the return of the $1 million exemption amount and 55% estate taxes. The President has proposed a $3.5 million exemption amount, and a 45% tax rate. But the President does not have agreement within his own party, much less with the Republicans. Senate Finance Committee Chairman Max Baucas, for example, wants to retain current law amounts of $5,120,000 and a 35% tax. When this predicament occurred last, it was 2010 and new law was enacted December 17, but only to provide a two year stopgap. Hence, here we are again.