To Disclaim or not to Disclaim

With no estate tax in 2010 at this point in time, taxpayer has died and leaves a $5 Million life insurance policy to wife and then to his revocable trust. Should the wife disclaim the life insurance interest to put it into the revocable trust and have the entire amount in husband’s estate for estate taxes? What happens if Congress pulls a retroactivity genie out after the return is filed?

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