Private Client Advisory - Good News on Federal Estate and Gift Tax Front


On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Authorization, and Job Creation Act of 2010 (the “Act”). Included in the Act are (1) favorable but temporary federal estate, gift, and generation skipping transfer (GST) tax provisions that will provide significant planning opportunities in 2011 and 2012, and (2) clarification of 2010 transfer tax uncertainties, which provide limited 2010 planning opportunities.

Favorable 2011 and 2012 Provisions

Estate and GST Taxes

The Act sets the 2011 and 2012 estate and GST tax exemptions at $5 million (indexed for inflation beginning in 2012) and provides for a 35% tax rate. This is more favorable than the $3.5 million exemption and 45% rate applicable in 2009.

Please see full advisory below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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