The 2010 Tax Act, formally named the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the “Act”), was signed into law by the President on December 17, 2010. Among other things, the Act changes the Federal estate, gift, and generation-skipping transfer (“GST”) tax laws. Most of the Act’s provisions are taxpayer friendly, however the provisions sunset at the end of 2012 so that the new provisions are currently only in effect for years 2011 and 2012. Below is an overview of the Federal estate, gift, and generation-skipping transfer tax provisions and how these provisions may affect your present and future estate plans.
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