Did you know that in 2011, individuals can give away more money tax-free than any other time since 1932?
This is a result of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the “2010 Tax Relief Act”), which was signed into law by President Obama on Dec. 17, 2010.
The 2010 Tax Relief Act ushered in a slew of temporary changes to the estate, gift and generation-skipping transfer (GST) federal tax laws.
Before the new law, there was no estate tax for 2010, but some beneficiaries could have faced higher taxes because there were less favorable income tax basis rules. Also, under the prior law, estate and other transfer taxes were scheduled to rise substantially for post-2010 transfers.
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