On December 17, 2010, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the "Act"). In addition to extending the Bush income tax cuts until December 31, 2012, the Act contains numerous changes to the federal estate, gift and generation-skipping transfer (GST) tax laws, which also will expire on December 31, 2012. Below is a summary of the estate, gift and GST tax provisions included in the Act. It is important to note that one change in particular – namely, the elimination of any GST tax on certain 2010 transfers – may require action before year-end, as discussed more fully below.
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