2010 Tax Act Changes to Federal Estate and Gift Taxes - Planning Strategies for Consideration


Significant Estate and Gift Tax Provisions

The Tax Relief, Unemployment Reauthorization and Job Creation Act of 2010 (the “2010 Act”) became law effective December 17, 2010. The 2010 Act makes some significant changes to the federal estate and gift tax law. However, the changes are effective for only two years, or through year end 2012. Without further Congressional action, the law as it existed prior to 2001 will be reinstated in 2013. Among other effects, this would result in the federal estate tax exemption equivalent being reinstated at $1 million, a top federal estate tax rate of 55%, and a top gift tax rate of 55%. Among the significant changes to federal estate and gift tax law in effect through December 31, 2012 are:

The federal estate tax exemption is $5 million per spouse. Accordingly, with both spouses entitled to a $5 million exemption, a total of $10 million can be transferred free of federal estate tax.

The top federal estate tax rate is 35%...

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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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