From an estate planning perspective 2010 has been a year of uncertainty. We have been waiting for Congress to act, and last Friday Congress did. President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”) on December 17, 2010. The Act, which only covers years 2010 through 2012, contains a wide variety of income and other tax-related provisions. Below is a brief summary of the gift, estate and generation-skipping transfer (GST) tax provisions followed by a few planning considerations, some of which need to be implemented no later than December 31, 2010...

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